USD/RUB Slumps Below 66.00 on Oil Recovery

USD/RUB Slumps Below 66.00 on Oil Recovery

22 April 2016, 15:35
Roberto Jacobs

USD/RUB Slumps Below 66.00 on Oil Recovery

The demand for the Russian Rouble is now picking up further pace, sending USD/RUB to fresh daily lows in the 65.80 area.

USD/RUB lower on oil gains

Spot is giving away part of yesterday’s strong rebound to the boundaries of 67.00 the figure, retreating to sub-66.00 levels in response to a better tone surrounding crude oil prices, with the barrel of Brent up more than 1% and trading in the $45.30 zone.

Data wise in Russia throughout the week saw retail sales and the unemployment rate disappointing expectations (Tuesday), while FX reserves held by the CBR stayed almost unchanged at $386 billion (Thursday).

USD/RUB levels to watch

At the moment the pair is down 1.64% at 65.73 facing the next support at 65.26 (2016 low Apr.13) ahead of 62.04 (monthly low Nov.4 2015) and then 60.70 (monthly low Oct.9 2015). On the other hand, a break above 67.02 (20-day sma) would aim for 68.49 (200-day sma) and finally 69.47 (high Apr.5).


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