USD/RUB keeps highs near 56.80, Brent melts

RUB is sharply lower vs. its American peer at the end of the week, lifting USD/RUB to fresh 2-day peaks in the 56.80 region.

USD/RUB up on crude oil losses

RUB continues to shed ground following the persistent sell off in crude oil prices, dragging the barrel of Brent crude to fresh 3-week lows in levels below the critical $50.00 mark, as traders continue to adjust to the recent outcome from the OPEC meeting.

The barrel of Brent is trading in the red territory since Tuesday, down more than 10% since monthly peaks in the $54.70 region recorded just ahead of the cartel’s gathering.

In the meantime, spot is on its way to close the first week with gains after three consecutive pullbacks after the rejection from April’s tops in the $59.00 neighbourhood.

Data wise, US non farm payrolls should grab the bulk of investors’ attention, with consensus expecting the economy to have added 185K jobs during last month. Recent releases in Russia showed the FX reserves held by the CBR ticked higher to $406.1 billion during last week vs. $405.0 billion previous.

USD/RUB levels to watch

At the moment the pair is up 0.48% at 56.67 and a surpass of 56.93 (high May 31) would aim for 57.01 (high May 25) and finally 57.79 (100-day sma). On the other hand, the next support lines up at 56.11 (low Jun.1) seconded by 56.00 (low May 25) and then 55.67 (2017 low Apr.25).