Petro-currencies are surging -- here's what's happening in FX

Good morning!

It’s a good day for petro-currencies as both Brent crude oil and West Texas Intermediate crude oil surged back above $50 per barrel for the first time in six months.

The Canadian dollar is stronger by 0.5% at 1.2952 per dollar, the Russian ruble is higher by 0.4% at 65.2593 per dollar, and the Mexican peso is up by 0.5% at 18.3972 per dollar.

Oil prices have been driven higher by ongoing supply disruptions in places like Nigeria and Canada.

As for the rest of the world, here’s the scoreboard as of 7:30 a.m. ET:

  • The British pound is little changed at 1.4707 after UK GDP was in-line with economists’ estimates. The Office for National Statistics said first quarter Second Estimate GDP rose 0.4%, unchanged from the initial look. However, it also marked a slowdown from the 0.6% growth seen in the fourth quarter.
  • The Japanese yen is stronger by 0.2% at 110.02 per dollar. Meanwhile, Japanese Prime Minister Shinzo Abe made a flashy comparison between the current global economic environment and the global financial crisis eight years ago.
  • The euro is stronger by 0.2% at 1.1178 after dipping to 1.1130 on Wednesday. “The $1.1200-1.1220 area may bring in fresh sellers ahead of Yellen’s speech tomorrow,” wrote Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, in a note to clients.
  • The US dollar is little changed this morning at 95.23 ahead of a few data points. Initial jobless claims, durable goods orders, and pending home sales will be out later in the day.

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