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

American Dollar to Canadian Dollar = 0.704458; American Dollar to Chinese Yuan = 0.137849; American Dollar to Euro = 1.046620; American Dollar to Japanese Yen = 0.006648; American Dollar to Mexican Peso = 0.049168.

Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Oil’s rise defied a slump in global stock markets, which fell in response to worries about a trade stand-off between the United States and China. Gold XAU=, seen as a safe haven, hit a two-week high. Brent crude futures LCOc1 were at $69.10 per barrel at 1136 GMT, up 19 cents but off a session high of $70. For the week, Brent was up about 4.4 percent, its strongest showing since October. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.57 a barrel, up 27 cents but below a session high of $65.42. On the week, WTI was up about 3.6 percent.

FedEx Corp. announced that it has acquired RouteSmart Technologies, a global leader in route optimization solutions with over 40 years of expertise, providing mission-critical technology to newspaper, postal & parcel, public works, utilities & field service, and waste collection organizations worldwide. The combination of RouteSmart’s leading technology solutions with FedEx’s unparalleled physical and data networks will enable the world’s largest express transportation provider to further drive efficiency across its own global operations, while also strengthening the company’s suite of technology solutions. “This is yet another step on our journey to make supply chains smarter for everyone as we revolutionize logistics,” said Raj Subramaniam, president and chief executive officer, FedEx Corporation. “Our physical network generates terabytes of data that contain invaluable insights about the global supply chain. Through this acquisition, we will use RouteSmart’s expertise and proven technology platform to accelerate the deployment of a common route optimization capability for FedEx operations that will enable our team members to work safer and smarter as they deliver superior service to our customers.”