USD/RUB off highs, back below 60.00

The Russian currency is extending its weekly correction on Friday, now dragging USD/RUB further south of the 60.00 handle.

USD/RUB attention on crude oil

Spot is retreating for the second session in a row today, accelerating the rejection from recent fresh 5-month tops in the 60.40/45 band.

RUB has gathered extra steam today following the tepid recovery in crude oil prices, with the barrel of the European reference Brent crude now shedding initial gains and returning to the $45.20 area after climbing as high as $45.80 on Thursday.

The broad-based leg lower in the greenback has been also collaborating with the pair’s decline, as the US Dollar Index has come under renewed downside pressure around the 97.00 handle.

Ahead in the session, driller Baker Hughes will publish its report on US oil rig count ahead of speeches by St. Louis Fed J.Bullard (2019 voter, centrist), Cleveland Fed L.Mester (2018 voter, hawkish) and J.Powell (permanent voter, centrist).

USD/RUB levels to watch

At the moment the pair is losing 0.50%% at 59.64 facing the immediate support at 59.43 (low Jun.23) seconded by 59.34 (low Jun.21) and finally 57.56 (20-day sma). On the upside, a surpass of 60.08 (200-day sma) would aim for 60.41 (high Jun.21) and then 60.61 (high Jan.23).