The Russian ruble is tumbling

Russian ruble is tumbling.

The petro-currency is weaker by 0.7% at 65.2758 per dollar as of 7:48 a.m. ET.

Meanwhile, Brent crude oil, the international benchmark, is down 2.8% at $47.84 per barrel amid tensions within OPEC ahead of the cartel’s Wednesday meeting.

Iran and Iraq are reportedly not keen to curtail oil production, making it hard for the OPEC to reach a global output-limiting deal.

OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between Saudi Arabia and the group’s second and third largest producers over the mechanics of output cuts.

As for the rest of the world, here’s the scoreboard as of 7:49 a.m. ET:

  • The Japanese yen is down by 1% at 113.02 per dollar. Earlier, October data showed that Japan’s unemployment rate held at 3.0%, and the job-to-applications ratio rose to 1.40 — the highest since 1991. Moreover, retail sales fell by just 0.1% year-over-year for October, above expectations of a 1.2% drop.
  • The US dollar index is little changed at 101.42 after Monday’s early sell-off. “What had looked like a possible deeper dollar correction is turning into a consolidative phase that may be sufficient to alleviate the over-extended technical condition,” wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman, in commentary.
  • The euro is down by 0.3% at 1.0583 against the dollar. France’s GDP rose 0.2% in the third quarter, in line with expectations, while French consumer spending rose 0.9% month-over-month in October, above expectations of 0.4%.
  • The British pound is up by 0.4% at 1.2469 against the dollar.

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