USD/RUB testing 2-day tops near 59.50

The Russian currency is sharply lower vs. its American counterpart on Tuesday, pushing USD/RUB to fresh tops above the 59.00 mark.

USD/RUB higher on Brent slump

The increasing weakness around crude oil prices is taking a toll on RUB today, shedding more than 1% and lifting spot to fresh 2-day peaks in the vicinity of 59.50.

In fact, the barrel of Brent crude is losing more than 1% so far today and has breached the $51.00 mark for the first time since late November 2016 after the OPEC monthly report showed Saudi oil production rose by more than 10 mbpd during February.

In addition, Kuwait’s oil minister warned oil could slip to around $45 per barrel in response to rising shale production among other factors.

In the data space, Russian trade surplus shrunk to $11.45 billion in January, while US Producer Prices came in above expectations in February.

USD/RUB levels to watch

At the moment the pair is advancing 1.21% at 59.50 facing the next up barrier at 59.59 (high Feb.8) followed by 60.39 (high Feb.1) and finally 60.56 (high Jan.26).

On the other hand, a breach of 57.89 (low Mar.7) would aim for 57.31 (low Feb.22) and then 56.57 (2017 low Feb.15).