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.
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.