The biggest mover in FX as of Wednesday, April 13 as of 8:15 a.m. ET is the Russian ruble, which is stronger for a fourth day in a row.
The ruble is up 0.4% at 65.486 per dollar around 11:00 a.m. Moscow-time. Wednesday’s advance has brought the total gain over the last four days to 3.9%. It’s now back down to 65.6683 per dollar.
The currency is now the second-best performer among EMs this year, according to Bloomberg.
The ruble’s appreciation comes after Russia’s oil minister Alexander Novak confirmed he held production freeze talks with Saudi oil minister Ali al-Naimi.
“Now I do not want to comment prematurely on what will be discussed on April 17 in Doha. Let’s wait for the consultations,” Novak told Russian news agency TASS. “The talks were held yesterday, this is a fact, but I will not announce the decision beforehand.”
As for the rest of the world, here’s the scoreboard for FX:
- The euro is weaker by 0.7% after the latest data showed that euro-area industrial production declined by 0.8%, below expectations of 0.7%, in February. This was the biggest drop in 18 months.
- The Japanese yen is weaker by 0.7% at 109.35 per dollar. Central bank board member Yutaka Harada said on Wednesday that Japan’s economic recovery is weak and prices don’t seem to be rising, reports Bloomberg.
- The Chinese yuan ended weaker by 0.1% at 6.4719 per dollar following news that China’s trade surplus shrank to $29.86 billion in March, worse than the $30.85 billion economists were expecting. The narrower surplus came despite exports growing by 11.5% in US dollar terms.
- The South Korean won ended weaker by 0.6% at 1,148.53 after exit polls forecast that the ruling party in South Korea lost its majority in parliamentary elections, according to BBC.
- The dollar index is stronger by 0.6% at 94.55 ahead of a few data points. First up, retail sales and PPI will cross at 8:30 a.m. ET.
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