USD/RUB stays around 59.00, multi-day lows

The Russian currency is trading on a firmer note vs. its American peer on Tuesday, dragging USD/RUB to the area of recent lows in the 59.00 neighbourhood.

USD/RUB weak on USD sell off, Brent gains

Spot gained extra downside pressure following another plunge of the greenback. This time the catalyst was another fiasco from the ‘Trumpcare’ bill, as it failed to get enough (minimum) support from the Republicans to even start a debate.

The US Dollar Index continued to drop since the publication of the headlines and the sell off appears everything but abated so far. DXY is testing the area of 94.30 as of writing, levels last seen in September 2016.

Collaborating with the downside, the barrel of Brent crude is gaining over 1% around the key $49.00 mark, lending some extra boos to RUB.

USD/RUB levels to watch

At the moment the pair is losing 0.34%% at 59.15 and a breakdown of 58.91 (low Jul.18) would open the door to 58.66 (low Jun.27) and then 58.03 (55-day sma). On the flip side, the next resistance lines up at 59.65 (21-day sma) seconded by 59.88 (10-day sma) and finally 60.98 (high Jul.11).