- USD/RUB hits a new all-time high near 145.00.
- Geopolitics keeps the Russian currency under heavy pressure.
- The markets’ attention remains on the talks between Russia and Ukraine.
The Russian ruble depreciates further against the dollar and raises the USD/RUB to new all-time highs near the 145.00 barrier at the start of the week.
USD/RUB strengthened by geopolitics
USD/RUB further extends the rally on Monday following the escalation of the military conflict between Russia and Ukraine.
The ruble loses more ground despite Germany appearing to have refused to impose sanctions on Russian energy and in light of the highly anticipated round of talks between Russian and Ukrainian officials later in the day.
On another front, sentiment around the Russian currency has already shown some signs of deterioration after the CFTC’s weekly positioning report showed net longs retreating to multi-week lows around 9,600 contracts in the week to 1 of March.
Later in the session, Russia’s annualized GDP figures will be released, as if anyone cares…
Additional technical levels
So far the pair is up 17.92% at 145.90 and faces the next hurdle in… Mars? On the downside, a break of 122.25 (2nd Mar high) would expose 90.00 (24th Feb monthly high) and finally 75.12 (55-day SMA).
Source: Fx Street
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