USD/RUB keeps highs near 62.50 ahead of CPI, Brent weaker

The upside bias in the greenback remains unabated on Tuesday, this time lifting USD/RUB to the mid-62.00s, or daily highs.

USD/RUB focus on data, oil

RUB is deriving extra weakness from the softer tone in crude oil prices, with the barrel of Brent crude trading around the $50.60 area after briefly testing levels just beyond the $51.00 mark on Monday.

The continuation of the upside in USD has been also sustaining today’s up move, reverting at the same time two consecutive pullbacks and including yesterday’s fresh 2016 low at 62.16.

Data wise, Russian inflation figures are expected to show consumer prices rising at an annualized 6.6% in September and 0.3% on a monthly basis, ahead of Markit’s Services PMI and MNI’s Business Sentiment (Wednesday) and Consumer Confidence in Q3 (Friday).

USD/RUB levels to watch

At the moment the pair is up 0.62% at 62.50 and a break above 64.01 (20-day sma) would aim for 64.25 (high Sep.26) and finally 64.67 (55-day sma). On the other hand, the immediate support lines up at 62.16 (2016 low Oct.3) followed by 62.04 (low Nov.4 2015) and then 60.70 (low Oct.9 2015).