USD/RUB surrenders gains, slips back to 56.30

After a quick test of highs near 56.70 during early trade, USD/RUB has now faded part of that spike and is trading back around the 56.30 region.

USD/RUB off highs on Brent gains

RUB recovered the ground lost earlier in the session, coming back from lows near 56.70 vs. its American counterpart to the current 56.30 region backed by a solid performance of crude oil prices.

In fact, the barrel of Brent crude is up nearly 1% fore the day, trading in the mid-$53.00s and extending the upside to fresh 4-week tops.

In the data space, US Factory Orders expanded at an annualized 1.0% during February, while Russian key inflation figures are due tomorrow followed by the US ADP report and the FOMC minutes.

USD/RUB levels to watch

At the moment the pair is up 0.33% at 56.27 facing the next hurdle at 56.69 (high Apr.4) followed by 58.19 (high Mar.22) and finally 59.60 (high Mar.22). On the flip side, a break below 55.88 (2017 low Mar.31) would aim for 53.02 (low Jun.18 2015) and then 49.06 (low May.18 2015).