USD/RUB regains 57.00 and above

The Russian currency is now trading on a soft fashion vs. the buck, with USD/RUB managing to retake the key 57.00 handle and beyond.

USD/RUB up despite USD-selling

The pair is advancing for the first time since Tuesday, looking to extend the bounce off weekly lows in the 56.90/80 band (Thursday) amidst a broad based selling mood around the greenback, exacerbated after poor results from US inflation figures and Retail Sales during April.

In the meantime, spot is recording its first week with losses following three consecutive advances, as RUB derived extra support from this week’s rally in crude oil prices.

In fact, the barrel of Brent crude rose around 10% since last Friday’s 2017 lows in the $46.60 region to yesterday’s tops above the $51.00 mark, always supported by hopes of an extension of the OPEC output cut deal beyond H2 and recent draws in US crude oil supplies.

On the Russian data front, the trade surplus widened to $12.6 billion in March, surpassing prior estimates and up from February’s $10.17 billion.

USD/RUB levels to watch

At the moment the pair is up 0.19% at 57.13 facing the next resistance at 57.65 (high May 11) followed by 58.38 (high May 10) and finally 59.07 (high May 5). On the downside, a breach of 56.88 (low May 11) would open the door to 56.32 (low May 1) and finally 55.67 (2017 low Apr.25).