Key Currency Exchange Rates for Friday, 10/20/17

Last week, the International Longshoremen’s Association provided a legally-required 60-day strike notice ahead of the expiration of the East Coast dockworkers’ contract at the end of September. More than 40,000 port workers are pressing for strike action against the United States Maritime Alliance (USMX) on October 1 if their demands are not met. A strike by East Coast dockworkers would have a colossal impact not only on the profits of the major maritime shipping companies, but, most significantly, on the entire global capitalist economy. The contract covers 36 ports on the Atlantic and Gulf Coasts of the United States, including the port of New York and New Jersey, the second biggest in the country. The Atlantic and Gulf ports handle over 100 million tons of cargo every year from Europe, South America and Asia.

Futures climbed 1.4 percent in New York, paring this week’s loss to 1.5 percent. China’s crude oil imports rebounded from a one-year low to near a record amid signs the nation’s commercial stockpiles shrank by the most in almost eight years. U.S. crude output increased to a record last week, while motor fuel inventories rose more than double analysts’ forecasts, government data showed Wednesday. U.S. crude production expanded for a seventh week to 9.7 million barrels a day, the highest level in weekly data compiled by the Energy Information Administration since 1983. Gasoline inventories rose by 6.78 million barrels last week, the biggest gain since January. Click Read More below for additional information.

“After years of paying the price for an inefficient credentialing system, relief is finally within sight for truck drivers and other essential transportation workers who keep our supply chain running. The Senate’s passage of the Transportation Security Screening Modernization Act is a victory for commonsense and puts us on the verge of eliminating unnecessary bureaucratic hurdles imposed by the federal government that waste time and money,” said ATA President & CEO Chris Spear. “By streamlining the administration of these important programs, this bipartisan legislation will make it easier and less costly for hardworking Americans to obtain the credentials they need to do their jobs. We commend the Members of Congress who authored this bipartisan bill to support truckers, and we look forward to working with them to ensure this bill becomes law by the end of this year.”