USD/RUB testing 2-week lows near 62.00

The Russian currency is extending its upside momentum on Tuesday, now dragging USD/RUB to test fresh lows in the 62.00 neighbourhood.

USD/RUB focus on Brent, US data

The pair is retreating for the third consecutive session, threatening to test 2016 lows in the vicinity of 61.80 (October 10) as the demand for RUB remains firm and backed by an incipient recovery in crude oil prices.

The barrel of Brent crude is advancing marginally so far today, slightly off session highs around the $51.60 region.

Later in the NA session, the S&P/Case-Shiller index, the IBD/TIPP Economic Optimism index and the Consumer Confidence gauge tracked by the Conference Board are all due across the pond.

The Russian docket appears muted this week, with the FX Reserves held by the CBR being the only scheduled release (Thursday).

USD/RUB levels to watch

At the moment the pair is losing 0.19% at 62.07 and a break below 61.85 (2016 low Oct.10) would expose 60.70 (low Oct.9 2015) and then 48.79 (low May 13 2015). On the flip side, the next up barrier lines up at 62.58 (20-day sma) followed by 63.49 (high Oct.13) and finally 63.84 (55-day sma).