USD/RUB bounces off 64.30, Brent eyed

After bottoming out in the 64.30 area, USD/RUB is now looking to pick up further pace towards the mid-64.00s.

USD/RUB lower on oil pick-up

The demand for the Russian currency gathered extra legs on rumours that Iran could support actions in order to stabilize the oil market, pushing the barrel of Brent crude to levels just shy of the critical $50.00 mark.

However, later comments by Iranian officials have not confirmed the country’s attendance to the OPEC meeting next month, removing some tailwinds from crude oil prices and RUB.

Nothing scheduled in the Russian calendar ahead in the week, whereas Chief Yellen’s speech at Jackson Hole and US Q2 GDP figures will grab all the attention in the second half of the week.

USD/RUB levels to watch

At the moment the pair is losing 0.42% at 64.53 with the next support at 63.41 (low Aug.18) ahead of 62.75 (2016 low Jul.14) and finally 62.04 (low Nov.4 2015). On the other hand, a break above 64.64 (55-day sma) would open the door to 65.12 (20-day sma) and then 67.17 (high Jul.29).