The FX markets have been dull so far this week as we lacked a major fundamental trigger out of the Europe and US. The Grexit scenario has taken a back seat for a while, although the Greek bond yield curve is still inverted (Grexit could make a comeback anytime). The only major story unfolding this week, is about the demoralized Gold bulls, after the metal fell to...
USDRUB is on the move again - price broke put above 1st standard deviation from quarterly (66-day) moving average on July 6th, signaling upwards probability. The move comes in line with WTI Oil, which entered a downtrend recently (see related idea). RUB is very correlated to oil prices, as Russia's key exports are oil and natural gas.