Key Currency Exchange Rates for Friday, 1/15/21

Futures were little changed in New York after rising 8.3 percent the previous seven sessions. U.S. drillers targeting crude reduced the number of active rigs for the first time in 24 weeks, according to Baker Hughes Inc. data on Friday. Libya’s oil production climbed to more than 1 million barrels a day for the first time in four years, according to a person with direct knowledge of the situation. While prices surged last week, oil in New York and London still posted a monthly loss in June after tumbling into a bear market on concerns that rising global supply will counter cuts from the Organization of Petroleum Exporting Countries and its partners. There are signs of a slowdown in the U.S., but Libya is adding more oil to the market as it restarts fields that are exempt from OPEC’s production curbs. Click Read More below for more of the story.

American Dollar to Canadian Dollar = 0.704267; American Dollar to Chinese Yuan = 0.137482; American Dollar to Euro = 1.105028; American Dollar to Japanese Yen = 0.006910; American Dollar to Mexican Peso = 0.049027.

American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index decreased 1.6% in June after increasing 3% in May. In June, the index equaled 113.5 (2015=100) compared with 115.3 in May. “While giving back some of the gain from May, it appears that truck freight tonnage is slowly going in the right direction since hitting a recent low in January,” said ATA Chief Economist Bob Costello. “Despite June’s decline, the second quarter average was 0.2% above the first quarter and only 0.2% below the second quarter in 2023, which are good signs that truck freight might be finally turning the corner.” May’s increase was revised down from our June 18 press release. Compared with June 2023, the index decreased 0.4%. In May, the index was up 1% from a year earlier, which was the first year-over-year gain since February 2023.