USD/RUB advances to highs near 64.20 ahead of data

The renewed bid tone in the greenback is now lifting USD/RUB to the area of daily highs beyond the 64.00 handle.

USD/RUB stronger ahead of data, FOMC

Spot is extending further its rebound from yesterday’s 4-week lows in the mid-63.00s backed by a renewed bid tone in the US Dollar and today’s retracement in crude oil prices.

In fact, USD found buyers after FOMC’s W.Dudley argued on Wednesday that a rate hike in September is ‘possible’, while the barrel of Brent crude has returned to the $48.70 area, down around 1% so far.

On the data front, Russian Producer Prices, Retail Sales and the unemployment rate are all due later, followed by the FOMC minutes.

USD/RUB levels to watch

At the moment the pair is gaining 0.57% at 64.15 and a break above 67.15 (high Jul.29) would target 67.67 (high Jun.2) en route to 68.86 (200-day sma). On the other hand, the next support aligns at 63.56 (low Aug.16) followed by 62.75 (2016 low Jul.14) and finally 62.04 (low Nov.4 2015).