USD/RUB in 3-month tops beyond $59.00

The Russian currency is losing over 1% against the greenback on Tuesday, 1uickly pushing USD/RUB beyond the critical 59.00 handle to as high as 59.40 for the time being.

USD/RUB up on Brent losses

RUB selling gathered extra steam today after the barrel of Brent crude plummeted to fresh 7-month lows in sub-$46.00 levels, hurt by rising concerns over the supply glut in the oil markets.

In addition, the bid tone around the greenback remains steady and backed by recent Fedspeak, helping the US Dollar Index to advance to daily highs in the vicinity of 97.40.

In the domestic data space, Russian retail sales expanded more than expected 0.7% on a year to May, while the unemployment rate ticked lower to 5.2% during the same period.

USD/RUB levels to watch

At the moment the pair is up 1.24%% at 59.24 and a surpass of 59.61 (high Mar.14) would expose 59.85 (200-day sma) and finally 60.61 (high Jan.23). On the other hand, the next support emerges at 58.19 (low Jun.20) seconded by 57.35 (100-day sma) and finally 56.90 (55-day sma).