USD/RUB drops to lows in sub-57.00 levels

The Russian Ruble is extending its upside momentum this week, now dragging USD/RUB to test lows in sub-57.00 levels.

USD/RUB in weekly lows around 57.00

RUB is deriving extra support following a continuation of the weekly recovery in crude oil prices, with the barrel of Brent crude up more than 1% and retaking the $51.00 mark at the time of writing.

The steady-to-bearish stance from the greenback is also collaborating with the pair’s down move, as the US Dollar Index keeps struggling to advance further north of the 99.60 area, or recent tops.

In the data space, US Initial Claims is due along with April’s Producer Prices and speeches by Chicago Fed C.Evans (voter, centrist) and New York Fed W.Dudley (permanent voter, centrist).

In Russia, FX reserves held by the CBR are next on tap followed by Trade Balanc figures expected tomorrow.

USD/RUB levels to watch

At the moment the pair is losing 0.65% at 57.02 and a break below 56.91 (low May 11) would open the door to 56.32 (low May 1) and finally 55.67 (2017 low Apr.25). On the upside, the next hurdle lies at 58.58 (high May 9) followed by 59.07 (high May 5) and finally 59.61 (high Mar.14).