The ruble is surging

The Russian ruble is surging.The currency is up by 0.7% at 64.3107per dollar as of 7:33 a.m. ET.Notably, Brent crude is higherby 0.5% at $47.21 per barrel followingreports that Russia and Saudi Arabia are talking about oil.Reuters reported that Russian Energy Minister Alexander Novaktold Saudi-owned newspaper Asharq al-Awsat that a complete return to market stability is possibly only in 2017."We are ready to achieve the widest possible level of coordination... and put in place joint measures to achieve oil market stability, with the condition that these measures will not be for a limited period of time," he said, according to Reuters.As for the rest of the world, here's the scoreboard as of 7:34 a.m. ET:The Japanese yen isup0.2% at 101.06 per dollar after the Japanese economy posted 0.0% growth for the second quarter, compared to expectations of 0.2%-0.3% growth."Japans economy stagnated in the second quarter, so spare capacity didnt shrink anyfurther," wrote Capital Economics'Senior Japan economist Marcel Thieliant in a note to clients."Adding in the deflationary impact of the stronger yen, underlying inflationshould moderate further in coming months, increasing the pressure on the [Bank of Japan]toprovide more monetary easing."TheUS dollar indexis down 0.1% at 95.64 ahead of several data points.Empire manufacturing will be released at 8:30 a.m. ET before the NAHB Housing Market Index and net long-term TIC flows cross the wires at 10 a.m. ET and 4 p.m. ET, respectively. Theeurois strongerby 0.1% at 1.1175 against the dollar.TheBritish poundis down 0.1% at 1.2899 against the dollar.SEE ALSO:What 25 major world leaders and dictators looked like when they were youngJoin the conversation about this storyNOW WATCH: Brexit campaigners take to the water in bizarre flotilla battle
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