The ruble is surging

Russian ruble is surging.
The currency is up by 0.7% at 64.3107 per dollar as of 7:33 a.m. ET.

Notably, Brent crude is up by 0.5% at $47.21 per barrel after reports that Russia and Saudi Arabia are talking about oil.

Reuters reported that Russian Energy Minister Alexander Novak told Saudi-owned newspaper Asharq al-Awsat that a complete return to market stability is possibly only in 2017.

“We are ready to achieve the widest possible level of coordination… and put in place joint measures to achieve oil market stability, with the condition that these measures will not be for a limited period of time,” he said, according to Reuters.

As for the rest of the world, here’s the scoreboard as of 7:34 a.m. ET:

  • The Japanese yen is up by 0.2% at 101.06 per dollar after the Japanese economy posted 0.0% growth for the second quarter, compared to expectations of 0.2%-0.3% growth. “Japan’s economy stagnated in the second quarter, so spare capacity didn’t shrink any further,” wrote Capital Economics’ Senior Japan economist Marcel Thieliant in a note to clients. “Adding in the deflationary impact of the stronger yen, underlying inflation should moderate further in coming months, increasing the pressure on the [Bank of Japan] to provide more monetary easing.”
  • The US dollar index down 0.1% at 95.64 ahead of several data points. Empire manufacturing will be released at 8:30 a.m. ET before the NAHB Housing Market Index and net long-term TIC flows cross the wires at 10 a.m. ET and 4 p.m. ET, respectively.
  • The euro is up by 0.1% at 1.1175 against the dollar.
  • The British pound is down by 0.1% at 1.2899 against the dollar.

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