USD/RUB advancing to highs above 65.00

A moderate drop in crude oil prices is helping USD/RUB to regain the 65.00 handle and print fresh daily highs at the same time.

USD/RUB higher on oil drop, EM sell-off

RUB continues to derive extra sellinf pressure from the ongoing drop in crude oil prices, with the barrel of Brent crude shedding more than 2% around the $47.20 region.

Spot is also gaining extra upside traction following the sell-off in the EM space, with HUF, TRY, MXN and BRL also joining the RUB’s train.

Furthermore, the buying interest has pushed the greenback higher today, sustained by unabated expectations of some Fed action in the next months.

USD/RUB levels to watch

At the moment the pair is advancing 0.67% at 65.02 facing the next hurdle at 65.97 (high Sep.1) followed by 67.15 (high Jun.14) and finally 68.80 (200-day sma). On the other hand, a breach of 63.58 (low Sep.8) would aim for 63.41 (low Aug.18) and then 62.75 (low Jul.14).