USD/RUB clings to gains near 60.00

The Russian currency has started the week on the defensive, with USD/RUB climbing as high as the 60.30 area after surrendering part of the advance.

USD/RUB up on USD, Brent

Spot gained upside traction on Monday following a decent rebound in the greenback, which is posting gains for the third day in a row when tracked by the US Dollar Index.

Collaborating with RUB weakness, the barrel of Brent crude is extending last week’s bearish tone, currently shedding nearly 1% to the $55.30 region amidst a broad-based consolidative trading.

It will be a key week for RUB, as Manufacturing PMI is due on Wednesday, flash Q4 GDP figures on Thursday and the CBR interest rate decision on Friday. Market consensus expects the central bank to keep its benchmark rate unchanged at 10%.

In the meantime, RUB continues to derive support from speculative positioning, as net long have climbed to 6-week tops during the week ended on January 24, as per the latest CFTC report. Further data showed Open Interest also increased to multi-week highs.

USD/RUB levels to watch

At the moment the pair is up 0.22% at 59.95 facing the next hurdle at 60.27 (high Jan.30) followed by 60.56 (high Jan.27) and finally 60.66 (high Jan.11). On the other hand, a break below 59.81 (low Jan.30) would aim for 59.57 (low Jan.27) and then 59.07 (low Jan.25).