USD/RUB retreats from tops, back below 60.00

The Russian currency is now recovering some ground lost vs. its American counterpart, driving USD/RUB back to sub-60.00 levels.

USD/RUB focus on oil, data

RUB remains in the negative ground today following quite a moderate correction lower in crude oil prices, with the barrel of Brent crude losing around 2% to the $56.00 mark after climbing to multi-month tops in the $58.40 area during last week.

Adding to the upside, the buying pressure around the buck remains firm in response to Friday’s US labour market report, underpinning the daily bull run.

In the data space, the Russian calendar is practically empty this week, whereas Retail Sales and the flash Consumer Sentiment will grab all the attention in the US docket, along with a slew of Fed speakers.

On the positioning side, RUB speculative net longs stayed at 3-week lows during the week ended on January 3, as per the latest CFTC report.

USD/RUB levels to watch

At the moment the pair is gaining 0.39% at 59.83 facing the next hurdle at 60.02 (high Jan.9) followed by 60.90 (20-day sma) and finally 61.63 (high Dec.20). On the other hand, a breach of 59.11 (low Jan.6) followed by 58.57 (low Jul.29 2015) and then 56.20 (low Jul.10 2015).