Yesterday morning, RUB enjoyed strong momentum, buoyed by the continuing recovery in crude as Brent traded near 2.0% in the black. Hence, USDRUB quickly dropped to 50.0 and scratched 49.80-49.85 a few times during the session. However, the bid at these levels proved to be rather solid, which constantly pushed USDRUB above 50.0. In the evening, as the 50.0 mark remained an unbeatable resistance level, USDRUB quickly spiked and closed at 50.82, so RUB weakened 0.6% against USD. However, RUB surrendered 1.8% vs. EUR (57.56) amid a EURUSD recovery. Meanwhile, Brent ended flat at USD 66.2/bbl, erasing the gains it enjoyed during the day.
The EM FX index closed 0.3% in the black, yesterday. In particular, TRY gained 0.5% and BRL firmed 0.7%. Commodity-based currencies had mixed performances, with NOK closing up 1.9% while NZD ended 0.8% in the red.