USD/RUB finds support near 63.80, Fedspeak, Yellen on sight

The current recovery in crude oil prices has lent extra support to the Russian ruble today, dragging USD/RUB to session lows in sub-64.00 levels.

USD/RUB attention to Fedspeak, oil

RUB met extra buying pressure after the barrel of Brent crude managed to test and stay around daily highs near $47.50 for the time being, ahead of the outcome from the OPEC meeting in Algiers.

On the USD-side, Chief Yellen’s testimony before the House Panel will take centre stage later in the NA session, followed by Durable Goods Orders in August and speeches by St. Louis Fed J.Bullard (voter, neutral), Chicago Fed C.Evans (voter 2017, dovish) and Cleveland Fed L.Mester (voter, hawkish and one of the triple dissenters at the last FOMC meeting).

In the meantime, spot is advancing for the first time after two consecutive pullbacks, looking to stabilize in the upper-63.00s/low-64.00s after Monday’s tops near 64.30.

USD/RUB levels to watch

At the moment the pair is gaining 0.13% at 63.94 and a break above 64.25 (high Sep.26) would expose 64.73 (55-day sma) and finally 65.46 (high Sep.13). On the other hand, the immediate support aligns at 63.39 (low Sep.23) followed by 62.75 (low Jul.14) and then 62.04 (low Nov.4 2015).