USD/RUB is under pressure again – Oil prices as a driving force of the RUB

FXStreet – The Russian ruble has had a positive start into the new trading week. The currency pair USD/RUB collapsed under the brand of 57,00 and was last updated on 56,76 and to 0.37 percent in the Minus.

Price supportive for the Russian currency, among other things, the rise in Oil prices. The North sea Brent crude oil climbed for the third week in a row, to the North and jumped the last about the brand of 54,00 USD.

Since the beginning of may, the European crude Oil rose by more than 16 percent. The reason for the price jump is speculation on an extension of the OPEC production cut of a further six to new months. Now apply it to the markets even as a foregone conclusion. The oil cartel will decide this Thursday.

In addition, the currency is supported by the continuing weakness of the Greenback. So was the US Dollar Index for the week to start again under pressure, and marked a new low for the year at around 96,80.

From the United States, a positive record has reached us today. The purchasing managers ‘ index climbed for the Chicago Region of 0.07 in the previous month to 0.49 points in April. Next, Speeches from FOMC L. Brainard (permanent voting are entitled to), Philly Fed P. Harker (voting, hawkish) and Minneapolis Fed of N. Kashkari (voting, dovish) on the Agenda. In Russia, later on retail sales, as well as the unemployment rate and the real wage will be published growth.

By contrast, speculative financial investors ‘ net-Long positions on the RUB-a-week to 16. Something moved back, told the CFTC on Friday.

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USD/RUB – Important brands

The next supports, due to at 56,37 (Deep 22. May), 56,08 (Tief 15. May) and 55,67 (Deep 25. April 2017). Resistors, on the other hand, 57,16 (High of 22. May), 58,12 (High 18. May) and 59,07 (High-05. To find may).

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