USD/RUB retakes 56.00 and beyond

The Russian currency is trading on a soft fashion on Tuesday, with USD/RUB now testing the area of session tops just above the 56.00 handle.

USD/RUB up on Brent losses

The selling pressure has regained momentum around the pair, as crude oil prices remain unable to spark a sustainable recovery while the sentiment around the buck seems to have improved somewhat.

In fact, the barrel of Brent crude is down smalls around the $52.00 mark so far today, shedding more than $5 or over 9% since April’s top around $56.60.

Data wise in the US docket, New Home Sales are next on tap, seconded by house prices measured by the S&P/Case-Shiller index and the key Conference Board’s Consumer Confidence.

In Russia, the CBR is expected to keep the key rate unchanged at 9.75% at its monthly meeting on Friday.

USD/RUB levels to watch

At the moment the pair is up 0.33% at 56.02 facing the next hurdle at 56.38 (20-day sma) followed by 56.74 (high Apr.19) and finally 57.55 (high Apr.10). On the downside, a breach of 55.72 (2017 low Apr.24) would expose 53.03 (low Jun.18 2015).