- The USD/RUB is trading near the 91.8570 ratio as of this writing.
- The currency pair touched a low around the 90.8080 ratio in yesterday’s trading.
- Speculators of the USD/RUB have seen a rather solid correlation to the broad Forex market as they consider their perceptions for direction regarding the currency pair in the short and near-term.
While some traders may be inclined to stay away from the USD/RUB for speculative purposes, there is no denying the currency pair remains active and offers an opportunity for trading wagers. Yes, the ‘West’ has tried to sound tough regarding economic sanctions on Russia and this has certainly had an effect on the Russian Ruble over the past two years, but the USD/RUB remains rather stable when all things are considered.
Current Price of USD/RUB near late July 2023 Values
Speculative bias must be eliminated when trading the USD/RUB. No matter your political perspectives, the reality is the USD/RUB has a healthy Forex landscape. The currency pair is trading near values seen in late July of 2023. And a technical chart of the USD/RUB looks like many other major currency pairs over the past half year of trading. Volume in the USD/RUB is not huge, but it certainly exists.
The current price ratio of the USD/RUB likely has the 90.0000 ratio as an important psychological level. The U.S will be releasing important economic data this week which will affect outlook of the Federal Reserve via financial institutions. Traders need to understand that technical levels are important in the USD/RUB, but these levels do not happen by chance and they are affected by behavioral sentiment regarding monetary policy from the U.S Federal Reserve just like other major currency pairs.
USD/RUB has Incrementally Lowered in the Near-Term
After reaching a high of nearly 95.5000 on Friday of last week, the USD/RUB has come off the highs rather quickly. In fact the currency pair has been able to trade below value levels which started to be tested in the middle of the month, this after the U.S released higher than expected inflation numbers via the CPI on the 13th of February and all major currencies paired against the USD lost some value.
- The U.S will release Consumer Confidence numbers today which will shake the USD/RUB a bit. If the number is stronger than expected it could cause some momentary upwards price action.
- Tomorrow’s GDP data and Thursday’s inflation report via the PCE Price Index will factor into USD/RUB trading.
- If the U.S shows weaker data than expected this could spark selling of the USD/RUB. If the numbers are stronger, a slightly bullish trend may occur.
USD/RUB Short Term Outlook:
Current Resistance: 92.4510
Current Support: 91.8180
High Target: 93.8990
Low Target: 89.8570