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15 Jun 2017

USD/RUB advances to highs near 58.00

The Russian currency is sharply lower vs. the greenback on Thursday, lifting USD/RUB to fresh daily highs in the 58.00 neighbourhood.

USD/RUB up on Brent losses, USD advance

RUB quickly dropped to fresh 4-week lows vs. the buck in the second half of the week, as the rout in crude oil prices remains unabated. In fact, the barrel of Brent crude remains on the defensive and trading around the $47.00 mark, closer to YTD lows in the $46.60 region seen in early May.

Furthermore, the rally in the buck post-FOMC is adding extra wings to the pair’s up move to multi-day peaks, approaching the key barrier at 58.00 the figure.

In the data space, the NY Empire State index and the Philly Fed index came in the strong side, supporting further the upside momentum in the buck.

In Russia, the FX reserves held by the CBR rose to $408.3 billion during last week from $406.9 billion. Looking ahead, the CBR is expected to cut rates at tomorrow’s meeting, while GDP figures and industrial production results should keep RUB busy as well.

USD/RUB levels to watch

At the moment the pair is gaining 0.67% at 57.81 facing the next hurdle at 58.12 (high May 18) seconded by 58.58 (high May 9) and finally 59.07 (high May 5). On the downside, a break below 56.77 (55-day sma) would aim for 56.02 (low Jun.1) and then 55.16 (2017 low May 31).

Jun 15, 2017

USD/CAD loses momentum before testing 1.33 handle

After reaching its two-day high at 1.3294, the USD/CAD lost some traction and gave back some of its daily gains. As of writing, the pair was trading a
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Jun 15, 2017

OMB Director Mulvaney: WH has not settled on final way to address raising debt ceiling

Director of the Office of Management and Budget (OMB) John Michael Mulvaney crossed the wires, via Reuters, saying that the White House has not settle
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