USD/RUB challenges 64.00 on oil gains

The Russian currency is gathering further traction vs. its American counterpart on Monday, sending USD/RUB to test daily lows in the 64.00 neighbourhood.

USD/RUB weaker on oil, USD selling

Spot briefly tested 4-week lows in the vicinity of the ley support at 64.00 the figure following a renewed selling pressure around the greenback as well as a continuation of the recovery in crude oil prices.

In fact, prices for the barrel of Brent crude are advancing nearly 2% just below the $48.00 mark so far as rumours on a potential OPEC action next month are picking up pace.

Data wise, Russian Industrial Production has contracted more than expected 0.3% on an annualized basis, while US NAHB index has come in at 60 and the Empire State manufacturing index dropped to -4.21.

USD/RUB levels to watch

At the moment the pair is retreating 0.94% at 64.15 and a break below 62.75 (2016 low Jul.14) would expose 62.04 (low Nov.4 2015) and finally 60.70 (low Oct.9 2015). On the flip side, the next up barrier aligns at 67.15 (high Jul.29) followed by 67.67 (high Jun.2) and then 68.85 (200-day sma).