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USD/RUB retreats from highs, back near 56.00

The Russian Rouble has resumed its initial upside momentum vs. the buck and is now sending USD/RUB back above the 56.00 handle after testing highs near 56.20.

USD/RUB attention to Brent, FOMC

After printing fresh 2017 lows in the 55.80 area during overnight trade, RUB met some sellers that prompted spot to regain the 56.00 mark and beyond, although the correction higher seems to have run out of legs in the 56.15/20 band for the time being.

RUB has also regained some attention after Russian inflation figures tracked by the CPI rose less than expected in March, up at a monthly 0.1% (vs. 0.2% exp.) and 4.3% (from 4.6%) over the last twelve months.

On the USD-side, the ADP report showed the US private sector created more jobs than expected during last month, 263K vs. nearly 190K forecasted.

Collaborating with the correction lower, prices for the Brent crude stay in daily highs just below the key $55.00 mark, lending extra oxygen to RUB.

USD/RUB levels to watch

At the moment the pair is losing 0.05% at 56.05 and a break below 55.80 (2017 low Apr.4) would aim for 53.02 (low Jun.18 2015) and then 49.06 (low May.18 2015). On the other hand, the immediate up barrier aligns at 56.69 (high Apr.4) followed by 57.39 (20-day sma) and finally 58.19 (high Mar.22).

United States ISM Non-Manufacturing PMI came in at 55.2 below forecasts (57) in March

United States ISM Non-Manufacturing PMI came in at 55.2 below forecasts (57) in March
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