Key Currency Exchange Rates for Friday, 1/8/21

Oil rose further above $68 a barrel briefly on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. OPEC is cutting output by even more than it promised [OPEC/O] and the restraint is reducing oil stocks globally, a trend most visible in the United States, the world's largest and most transparent oil market. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.4% in October after rising 2.2% in September. In October, the index equaled 113 (2015=100) compared with 112.6 in September. “October’s gain was the third straight totaling 2.9%,” said ATA Chief Economist Bob Costello. “The combination of solid retail sales, inventory rebuilding, and generally higher factory output offset some areas of softer freight growth, like home construction, in October. “Economic growth remains on solid footing, which is good for truck freight volumes going forward. The largest problem for the industry isn’t the amount of demand, but making sure we have adequate supply. It is good to see that fleets were able to haul more tonnage in recent months in the face of constrained supply,” he said. September’s reading was revised down slightly to 2.2% from our October 19 press release.

American Dollar to Canadian Dollar = 0.804070; American Dollar to Chinese Yuan = 0.156195; American Dollar to Euro = 1.225948; American Dollar to Japanese Yen = 0.009036; American Dollar to…