The Russian ruble is plunging as oil prices continue to fall.
The petro-currency is down by 1.6% at 67.0619 as of 12:13 p.m. ET.
Meanwhile, Brent crude oil is down by 1.0% at $48.46 per dollar.
As for the rest of the world, here’s the scoreboard:
The US dollar is stronger after the latest Fed minutes flabbergasted the markets. Most folks effectively ruled out a rate hike in June, but the latest minutes suggested that the FOMC could raise its benchmark interest rate next month – if the economic data warrant it. The dollar index is stronger by 0.2% at 95.22 as of 12:06 p.m. ET. It touched as high as 95.49 earlier in the morning.
The British pound is little changed at 1.4604 after the latest retail sales data came in strong. Retail sales surged by 1.3% in April, above expectations of a 0.5% rise, while core retail sales rose by 1.5%, topping expectations of a 0.6% rise. The euro dipped to 1.1197 against the dollar for a split second – the first time it weakened below 1.1200 since March. Around noon, it was floating around 1.1205. Both the Australian dollar and the Canadian dollar are weaker against the dollar. The former is down by 0.2% at 0.7211 against the greenback, while the latter is weaker by 0.7% at 1.3114 per dollar. The Indonesian rupiah closed down by 1.1% at 13,609.0 per dollar ahead of Thursday’s rate decision. Bank Indonesia left its policy on hold as it gets ready to switch its key policy rate from the reference rate to the seven-day reverse repo rate. “The switch to the new policy rate is due to be made on 19th August. Until then we see little prospect of BI making any further cuts to its reference rate,” noted Capital Economics’ Gareth Leather. The Malaysian ringgit closed weaker by 0.5% at 4.0913 per dollar ahead of the latest monetary policy meeting, at which the central bank kept its policy rate on hold at 3.25%. Notably, this was Muhammad Ibrahim’s first monetary policy meeting as governor of the bank. “Mr Muhammad was promoted from the position of deputy governor, and his appointment is widely considered as a signal of continuity. We continue to expect rates will be kept on hold for the rest of the year,” argued Capital Economics’ Krystal Tan in a note to clients. The Japanese yen is stronger by 0.3% at 109.85 per dollar.