The Russian ruble is on fire -- here's what's happening in FX

Good morning!

The Russian ruble is on fire as crude oil prices rise to 11-month highs.

The ruble is up 1.4% at 63.7285 per dollar, while Brent crude oil prices are higher by 1.6% at $52.28 per barrel.

And, perhaps not so unexpectedly, other petro-currencies are stronger, too. The Mexican peso is stronger by 1.0% at 18.1808 per dollar and the Canadian dollar is up by 0.5% at 1.2673 per dollar.

As for the rest of the world, here’s the scoreboard as of 8:21 a.m. ET:

  • The Japanese yen is up 0.3% at 107.03 per dollar after Japan’s economy grew by 0.5% in the first quarter, above economists’ expectations of 0.4% growth. On an annual basis, the economy grew by 1.9%.
  • The dollar index is down 0.3% at 93.58 ahead of the latest JOLTS data. This report, which is a favourite of Chair Yellen’s, is a good overview of how dynamic the US labour market is or is not. We’ll get to see the quits rate, which is a proxy for how confident workers are with the idea being you won’t quit your job unless you’re reasonably confidence you can get another one.
  • The South African rand is up by 1.20% after Fitch affirmed South Africa’s BBB- rating. However, the country’s economy sharply contracted by 1.2% in the first quarter.
  • The euro is stronger by 0.2% at 1.1378 against the dollar after the European Central Bank began its corporate sector purchase programme, or CSPP, which will buy corporate bonds of companies with a high credit rating on a weekly basis.
  • The Polish zloty is higher by 0.9% at 3.7984 per dollar after the Polish MPC kept interest rates unchanged at 1.50%, as was expected. “We think the Council will keep the policy rate at its current historic low throughout this year and next,” wrote Capital Economics’ William Jackson in a note to clients.

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.