USD/RUB fades the spike to 59.40

After reaching daily tops around 59.40, USD/RUB met some sellers and has now corrected lower to the 59.30/20 band.

USD/RUB focus on ISM, Brent

RUB is giving away part of Friday’s gains, extending the choppy behaviour following the rejection from tops in the mid-60.00s seen earlier in the month.

Spot is somewhat ignoring the rally in crude oil prices, with the barrel of European reference Brent crude adding to recent gains above the key $49.00 mark. The barrel of Brent has already gained more than 10% since lows near $44.30 (June 21).

Data wise today, Russia’s manufacturing PMI dropped to 50.3 in June from 52.4, while the key ISM manufacturing is due later in the NA session.

USD/RUB levels to watch

At the moment the pair is up 0.11%% at 59.55 and a surpass of 60.01 (200-day sma) would aim for 60.41 (high Jun.21) and then 60.61 (high Jan.23). On the downside, the immediate support emerges at 58.66 (low Jun.27) seconded by 57.97 (20-day sma) and finally 57.53 (100-day sma).