USD/RUB clings to gains near 60.30

The Russian Ruble is extending its downside momentum on Monday, helping USD/RUB to keep the trade above the 60.00 handle for the time being.

USD/RUB attention to Brent

RUB is losing ground for the sixth straight session so far today, trading closer to Friday’s multi-month peaks around 60.80 amidst a continuation of the retracement in crude oil prices and a better tone around the buck post-payrolls.

In fact, gauged by the US Dollar Index, the greenback is re-testing the 96.00 neighbourhood helped by Friday’s positive report from the US labour market.

In addition, the barrel of the European reference Brent crude is extending the drop to the $46.40 area after briefly clinching the boundaries of the psychological $50.00 mark last week.

From the positioning space, RUB speculative net shorts climbed to the highest level since early November 2011 in the week to July 3, according to the latest CFTC report.

USD/RUB levels to watch

At the moment the pair is up 0.44%% at 60.41 and a surpass of 60.51 (high Jun.21) would open the door to 60.56 (2017 high Jan.26) and finally 61.63 (high Dec.30 2016). On the downside, the immediate support emerges at 59.82 (200-day sma) seconded by 59.51 (10-day sma) and then 58.89 (55-day sma).