USD/RUB bounces off lows, approaching 59.00

After dropping to fresh daily lows in the 58.80 region, USD/RUB has regained some interest and is now trading closer to the key 59.00 barrier.

USD/RUB focus on oil, USD

RUB has recovered part of the ground lost after yesterday’s deep pullback to the mid-59.00s vs. its American counterpart, although the resumption of the selling mood around crude oil is forcing the Russian currency to give away part of its initial gains.

Increasing weakness in crude oil prices has prompted RUB-sellers to return to the market and push the pair to fresh 4-week tops well above the 59.00 handle on Wednesday. In the meantime, the barrel of Brent crude remains under pressure today, breaking below the $52.00 mark for the first time since early December.

The softer tone in the buck is also collaborating with the pair’s daily downside after the US jobs report showed no signs of improving wage inflation during last month despite the economy has added more jobs than forecasted (235K act. vs. 190K exp.).

USD/RUB levels to watch

At the moment the pair is retreating 0.69% at 58.89 facing the immediate support at 57.89 (low Mar.7) followed by 57.31 (low Feb.22) and then 56.57 (2017 low Feb.15). On the other hand, a surpass of 59.49 (high Mar.9) would aim for 59.59 (high Feb.8) and finally 60.39 (high Feb.1).