Do you want to trade USD/RUB? How about trading USD/PLN instead?
USD/PLN has a high correlation with USD/RUB on the daily timeframe.
Stay in step with market opportunities and get insights, actionable trade ideas and dedicated support.
USD/PLN has a high correlation with USD/RUB on the daily timeframe.
If USD/RUB continues moving higher, then given the strong correlations, the Eastern European EMs may move higher with it!
There are some Eastern European Emerging Market currencies which are highly correlated with USD/RUB.
Where can traders turn if they are interested in taking advantage of the move in USD/RUB? They can look west to USD/PLN, USD/HUF and USD/CZK.
Sentiment took another turn for the worse overnight as the Kremlin is seemingly close to detonating the Biden-Putin summit.
If the headlines continue to be negative regarding Russia invading Ukraine, it should provide a stronger reason for USD/RUB to move higher.
With talks between Russia and NATO ending without a resolution, tensions could continue to rise. If that’s the case, it may mean bad news for the Ruble.
USD/RUB has been moving lower, however, the pair bounced off strong support at the 61.8% Fibonacci retracement from the January 2020 lows to the March 2020 highs
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