USD/RUB challenging lows near 58.00

The Russian currency is extending its bullish note so far this week, now dragging USD/RUB to test the area of session lows in the vicinity of 58.00 the figure.

USD/RUB offered post-CPI

RUB gained further traction after inflation figures in the Russian economy rose less than expected during February. In fact, domestic consumer prices have extended the downside in February, rising at an annualized 4.6% and 0.2% on a monthly basis vs. prior surveys at 4.7% and 0.3%, respectively.

The pair is retreating for the third session in a row so far today despite the generalized bid tone surrounding the greenback amidst rising speculations on a potential rate hike by the Federal Reserve at the March meeting

RUB is also gathering traction following the better tone in crude oil prices, with the barrel of Brent crude now up nearly 1% near $56.50.

In the US docket, January’s trade deficit came in at $48.5 billion, matching initial estimates.

USD/RUB levels to watch

At the moment the pair is retreating 0.26% at 58.05 and a breach of 57.59 (low Feb.27) would aim for 57.31 (low Feb.22) and then 56.57 (2017 low Feb.15). On the other hand, the next up barrier is located at 58.43 (high Mar.6) followed by 58.99 (high Mar.3) and finally 59.41 (55-day sma).