Trading news

USD/RUB jumps to 2-week tops

The Russian currency is sharply lower vs. its American peer on Thursday, lifting USD/RUB to fresh 2-week tops above the critical 60.00 handle.

USD/RUB propped up by USD bids

The buying interest around the greenback remains unabated during the second half of the week, sending spot back above the key 60.00 mark and posting at the same time fresh 2-week tops around 60.50, gaining more than 1%.

While the buck’s upside found support in rising US yields, RUB is completely ignoring the better tone in crude oil prices, which is lifting the barrel of Brent crude to the $56.40 region, up over 2% at the time of writing.

In the data space, US Initial Claims, Trade Balance figures and New Home Sales have all missed expectations, while Markit’s Services PMI for the current month surprised to the upside. In Russia, FX Reserves held by the CBR rose to $385.9 billion during last week, up from previous $385.4 billion.

USD/RUB levels to watch

At the moment the pair is up 1.41% at 60.35 facing the next hurdle at 60.56 (high Jan.26) followed by 60.66 (high Jan.11) and then 62.00 (55-day sma). On the other hand, a break below 59.40 (low Jan.26) would aim for 58.97 (2017low Jan.17and finally 58.57 (low Jul.29 2015).

AG Markets Review

Thursday, 26 Jan, 2017 / 4:35

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Source : https://www.ag-markets.com/news/

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