USD/RUB advances to highs above 60.00

The Russian currency is rapidly losing ground vs. the greenback on Thursday, with USD/RUB surpassing the 60.00 handle, or daily highs.

USD/RUB in multi-day tops

The better tone in the US Dollar is lifting the pair to fresh multi-day tops beyond the critical barrier at 60.00 the figure today, up over a cent since recent multi-month lows in the 59.00 neighbourhood.

In the meantime, the barrel of Brent crude is up smalls for the time being, somewhat limiting the upside in spot.

Later in the session, the weekly report on the FX Reserves held by the CBR is due along with US Initial Claims, Building Permits, Housing Starts, the Philly Fed index and the EIA’s report on crude oil inventories.

Extreme speculative long positions in RUB during last week could also be collaborating with the ongoing correction lower in the Rouble.

USD/RUB levels to watch

At the moment the pair is gaining 0.89% at 60.08 facing the next hurdle at 60.20 (20-day sma) followed by 60.66 (high Jan.11) and finally 61.63 (high Dec.30). On the other hand, the immediate support lines up at 59.11 (low Jan.6) followed by 58.57 (low Jul.29 2015) and then 56.20 (low Jul.10 2015).