USD/RUB weaker, putting 59.00 to the test

The Russian currency stays firm during the first half of the week vs. the greenback, with USD/RUB now testing the 59.00 handle, near session lows.

USD/RUB lower on oil gains

RUB is gaining ground for the second straight session so far today, advancing in tandem with the better tone in crude oil prices for the time being. In fact, the barrel of the European reference Brent crude is up for the second consecutive session, testing daily highs beyond the $49.00 mark.

Adding to RUB momentum, Russian jobless rate ticked lower to 5.1% in June, beating initial forecasts (5.2%), retail sales expanded at an annualized 1.2% from the previous 0.7% gain and producer prices contracted 0.3% inter-month during last month.

Looking ahead, RUB should stay wary of the upcoming OPEC meeting in St. Petersburg on July 22, where key OPEC producers will assess the current market conditions.

USD/RUB levels to watch

At the moment the pair is losing 0.19%% at 59.07 and a breakdown of 58.91 (low Jul.18) would open the door to 58.66 (low Jun.27) and then 58.06 (55-day sma). On the flip side, the next resistance lines up at 59.67 (200-day sma) seconded by 59.79 (10-day sma) and finally 60.98 (high Jul.11).