• USD/RUB reaches new all-time high near 145.00.
• Geopolitics keeps the Russian currency under heavy pressure.
• Markets’ attention remains on the Russia-Ukraine talks.

The Russian ruble depreciates further vs. the greenback and lifts USD/RUB to fresh all-time highs near the 145.00 barrier at the beginning of the week.

USD/RUB stronger on geopolitics

USD/RUB extends the rally further on Monday following the intensification of the Russia-Ukraine military conflict.

The ruble losses further ground despite Germany appearing to have declined to impose sanctions on Russian energy and in light of the much-expected round of talks between Russian and Ukrainian officials due later in the day.

On another front, the sentiment around the Russian currency already showed some signs of deterioration after the weekly positioning report by the CFTC showed net longs retreated to multi-week lows around 9.6K contracts in the week to March 1.

Later in the session, Russian annualized GDP figures are due, like if anyone would care...

USD/RUB levels to watch

So far, the pair is up 17.92% at 145.90 and faces the next hurdle at… Mars? On the downside, a breach of 122.25 (high Mar.2) would expose 90.00 (monthly high Feb.24) and finally 75.12 (55-day SMA).