USD/RUB extends the rally to 66.00, oil, data on sight

The Russian currency extends its bearish note today, sending USD/RUB to fresh tops in the 66.00 neighbourhood.

USD/RUB stronger on USD, Brent weakness

Spot is advancing for the sixth consecutive session today, clinching fresh 3-month peaks around the 66.00 handle following a renewed strong demand for the US dollar and the persistent selling bias around crude oil prices.

In fact, the barrel of Brent crude has broken below the $45.00 mark, keeping the trade in the area of 3-month lows and thus weighing heavily on RUB.

In the data space, US November’s flash Consumer Sentiment tracked by the Reuters/Michigan index is due along with a speech by FOMC’s S.Fischer (permanent voter, hawkish). In Russia, the FX reserves held by the CBR rose to $395.7 billion from $391.0 billion in the previous week, while September’s trade balance figures are due later today.

USD/RUB levels to watch

At the moment the pair is advancing 0.28% at 65.67 facing the next up barrier at 65.97 (high Nov.10) followed by 66.66 (200-day sma) and finally 67.15 (high Jul.27). On the downside, a break below 64.12 (100-day sma) would open the door to 63.71 (55-day sma) and then 63.25 (low Nov.11).