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USD/RUB recovery stalls around 59.00

The Russian Ruble is trading on a bullish fashion despite the generalized USD strength on Monday, taking USD/RUB to the vicinity of the 59.00 handle.

USD/RUB supported at 58.60

After bottoming out in fresh 19-mont lows near 58.60, the pair is now attempting a recovery although the key barrier at 59.00 the figure still appears quite a tough level for USD bulls.

The buying interest around RUB remains curiously resilient in light of the broad-based context favouring the buck and the softer tone in crude oil prices, with the barrel of Brent crude slipping back to the mid-$56.00s, or daily lows.

Data wise in the US docket, the Fed’s Labor Market Conditions Index is due along with the speech by Philly Fed P.Harker (voter, hawkish). In Russia, inflation figures tracked by the CPI rose 0.6% inter-month in January and 5.0% on an annualized basis, both readings coming in short of expectations.

In addition, RUB remains well underpinned by speculative positioning, with net longs maintaining multi-week tops during the week ended on January 31, as per the latest CFTC report.

USD/RUB levels to watch

At the moment the pair is losing 0.14% at 58.89 with the immediate support at 58.59 (2017 low Feb.6) ahead of 58.57 (low Jul.29 2015) and then 56.20 (low Jul.10 2015). On the upside, a surpass of 59.59 (high Feb.3) would aim for 59.66 (20-day sma) and finally 60.39 (high Feb.1).

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