The Russian ruble operates with a firm tone on Thursday, with USD/RUB advancing through 57.00 after touching a bottom at 56.70 earlier today.
USD/RUB bearish despite the pullback in Brent, dollar gains
The price met with the buyers of immersion following the tone improved in the green ticket more the persistent weakness around the prices of the crude oil. In fact, the ruble appears bearish for the price of a barrel of Brent oil to test the SMA 200-day around of 51.30, a decrease of almost 10% since the April highs near the area of 56.60 and retreating for the second consecutive week to new lows of 4 weeks.
The dollar seems to have left behind the state of mind of selling, recent, and seems poised to extend the rebound further to the north of the 99.00 tracked by the index US dollar (DXY). In the data space, the Us trade deficit shrank more than expected to 64.810 million dollars in march, while initial claims rose to 257.000 and the pending sales of homes contracted by 0.8% in march, less than initially estimated.
In Russia, the reserves of FX held by the CBR went up to 400.0 billion during the past week, on top of 398.4 billion. The CBR will hold its monetary policy meeting tomorrow, with a consensus that expects the central bank to reduce the rate key in 25 bp to 9.50%.
USD/RUB levels to see
Currently the pair is losing 0.16% to 57.00 showing the immediate support to 56.72 (minimum of 27 of April), supported by 56.47 (SMA 20 day) and finally 56,15 (a minimum of 26 of April).
To the upside, a break in 57.41 (SMA of 55 days) would point to 57.55 (maximum of 10 of April) and then 58.19 (maximum of 22 march).