The Russian ruble is on fire — here’s what’s happening in FX

Investing.com

Good afternoon!

The Russian ruble is still on fire after crude oil prices rose to 11-month highs.

The ruble is up 1.3% at 63.7488 per dollar as of 1:17 p.m. ET, while Brent crude oil prices are higher by 1.6% at $52.24 per barrel.

Perhaps not so unexpectedly, other petro-currencies are stronger, too. The Mexican peso is stronger by 1.2% at 18.1435 per dollar and the Canadian dollar is up by 0.2% at 1.2718 per dollar.

As for the rest of the world, here’s the scoreboard as of 1:17 p.m. ET:

• TheJapanese yenis up 0.5% at 106.80 per dollar after Japan’s economy grew by 0.5% in the first quarter, above economists’ expectations of 0.4% growth. On an annual basis, the economy grew by 1.9%.
• The dollar index is down 0.3% at 93.54 after the latest JOLTS report showed that jobs openings surged to a record high of 5.788 million.
• The South African rand is up by 1.20% after Fitch affirmed South Africa’s BBB- rating. However, the country’s economy sharply contracted by 1.2% in the first quarter – prompting analysts to argue that the country’s economy is “clearly heading in the wrong direction.”
• The euro is stronger by 0.4% at 1.1378 against the dollar after the European Central Bank began itscorporate sector purchase programme, or CSPP, which will buy corporate bonds ofcompanies with a high credit rating on a weekly basis.
• The Polish zloty is higher by 1.1% at 3.7901 per dollar after the Polish MPC kept interest rates unchanged at 1.50%, as was expected. “We think the Council will keep the policy rate at its current historic low throughout this year and next,” wrote Capital Economics’ William Jackson in a note to clients.