USD/RUB bounces off lows, near 63.60

The Russian Ruble is posting moderate gains vs. its American counterpart on Wednesday, with USD/RUB rebounding from daily lows in the mid-63.00s.

USD/RUB focus on oil

RUB has resumed its upside this week, pushing the pair to test the lower bound of the recent range in the mid-63.00s, or 4-week troughs, following the upbeat sentiment around crude oil prices as of late.

In fact, the barrel of Brent crude has now reverted the initial negative tone and is up smalls in the $54.00 neighbourhood, recovering part of the ground lost on Tuesday.

In the data space, FX Reserves held by the CBR are due tomorrow, while today’s US docket includes Mortgage Applications and JOLTs Job Openings ahead of the EIA’s report on US crude inventories.

From the positioning view, RUB speculative net longs stayed at 6-week lows during the week ended on November 29, while Open Interest has extended the drop to the lowest level since mid-August, all according to the latest CFTC report.

USD/RUB levels to watch

At the moment the pair is retreating 0.36% at 63.65 facing the next support at 63.49 (low Nov.22) ahead of 63.25 (low Nov.9) and then 61.95 (low Oct.25). On the other hand, a break above 64.19 (100-day sma) would expose 64.53 (20-day sma) and finally 65.49 (high Nov.29).