The Russian ruble is getting crushed after oil talks in Doha ended without a deal -- Here's what's happening in FX

Good morning!

Things in FX are topsy-turvy after the meeting of oil producers in Doha, Qatar ended without a deal.

Petro currencies like the Canadian dollar and Russian ruble both fell in the aftermath, while the yen, often considered a safe-haven, has seen considerable strength.

Here’s the scoreboard as of 8:00 a.m. EST on Monday, April 18:

  • The Russian ruble is down 2% at 67.7204 per dollar after reaching as low as 68.2950 earlier in the day.
  • Similarly, the Canadian dollar is weaker by 0.8% at 1.2913 per dollar on the heals of the Doha meeting. Brent crude is weaker by 3.20% around $41.72 per barrel.
  • The Japanese yen is stronger by 0.5% at 108.22 per dollar. “Foreign-exchange traders sought the safety of Japan’s currency as the diplomatic failure threatens to send crude back toward the 13-year lows reached in February,” writes Bloomberg’s Candice Zachariahs.
  • Meanwhile, the Brazilian real is stronger by 0.6% at 3.5305 as President Dilma Rousseff inches closer and closer to impeachment. On Sunday, she lost an impeachment vote in Brazil’s lower house of Congress by a tally of 314-to-110, according to Reuters. Next up, Brazil’s upper house of Congress. If the Senate agrees to proceed with the impeachment, Rousseff will be suspended until her trial concludes.
  • The British pound is weaker by 0.2% at 1.4177. Data compiled by Bloomberg shows the UK just saw its worst quarter for M&A deals since 2010, in part due to the looming Brexit threat.
  • The Chinese yuan closed off 0.1% after the National Bureau of Statistics showed that home prices in China gained in 62 of 70 cities tracked by the government.
  • The dollar index is little changed at 94.59. NAHB Housing Market Index, aka the homebuilder sentiment, will be out later at 10 a.m. EST.

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