USD/RUB upside stalled near 59.50

The Russian currency is sharply lower vs. its American peer on Tuesday, with USD/RUB now easing a tad from daily tops in the mid-59.00s.

USD/RUB up on USD buying, Brent

Spot is advancing to fresh 2-day tops well above the 59.00 handle in response to the continuation of the upside momentum around the greenback, which has regained the 100.00 limestone and beyond when measured by the US Dollar Index (DXY).

Adding to RUB selling, the barrel of Brent crude has deflated to multi-day lows in the mid-$55.00s, all amidst a stronger buck.

In the meantime, RUB stays well underpinned by the positioning space – with net longs at multi-week tops – while the recent decision by the CBRF to keep its monetary status quo unchanged has also added to RUB strength.

USD/RUB levels to watch

At the moment the pair is gaining 0.87% at 59.41 facing the next hurdle at 59.48 (high Feb.7) followed by 59.62 (20-day sma) and finally 60.39 (high Feb.1). On the downside, a break below 58.59 (2017 low Feb.6) would aim for 58.57 (low Jul.29 2015) and then 56.20 (low Jul.10 2015).