The ruble's strengthening on oil

Good morning!

The Russian ruble is surging as oil prices gain for the first time in 7 days.

The currency is up by 1.1% at 65.0880 per dollar while Brent crude oil is up by 2.2% to $48.23 per barrel as of 7:31 a.m. ET.

As for the rest of the world, here’s the scoreboard:

  • The euro is stronger by 0.4% at 1.1265 against the dollar after the latest data showed that wages in the eurozone grew by 1.8% year-over-year in the first quarter.
  • The British pound is up by 0.7% at 1.4297 against the dollar. Separately, the EU referendum campaigns have been suspended following the killing of Labour Party lawmaker Jo Cox.
  • The Japanese yen is little changed at 104.23 per dollar. On Thursday, Japan’s finance minister pumped up his rhetoric about a stronger currency after the yen reached up to 103.55 per dollar.
  • The US dollar index is weaker by 0.2% at 94.38 ahead of data on building permits and housing starts.

NOW WATCH: Japan has built a massive ice wall around Fukushima

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.