Key Currency Exchange Rates for Friday, 4/5/24

Futures in New York are up 1.5 percent this week after closing at the highest level in two weeks on Thursday. While the U.S. is pumping near record volumes, exports also jumped to a four-month high last week, helping drain the nation’s stockpiles. Oil stocks in the biggest U.S. storage hub plunged to the lowest level in more than three years. While crude struggled after the best January performance in more than a decade, it’s now finding its footing again as the Organization of Petroleum Exporting Countries and its allies including Russia pledge to persist with output curbs to re-balance the market, and demand remains robust. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index increased 2.1% in December after falling 1.4% in November. In December, the index equaled 115.7 (2015=100) compared with 113.3 in November. “While 2023 ended on a better note, truck tonnage remained in a recession as it continued to fall on a year-over-year basis,” said ATA Chief Economist Bob Costello. “With that said, for-hire contract freight, which is what comprises our index, in December was 2.6% above the trough in April. For the entire year, tonnage contracted 1.7% from 2022 levels. This makes 2023 the worst annual reading since 2020 when the index fell 4% from 2019, and the only year since 2020 that tonnage contracted.” Compared with December 2022, the SA index fell 0.5%, which was the tenth straight year-over-year decrease, albeit the smallest over that period. In November, the index was down 1.6% from a year earlier.

American Dollar to Canadian Dollar = 0.808885; American Dollar to Chinese Yuan = 0.155325; American Dollar to Euro = 1.191117; American Dollar to Japanese Yen = 0.009077; American Dollar to Mexican Peso = 0.048907.