Key Currency Exchange Rates for Friday, 8/04/23

UPS announced it has entered into an agreement to sell its Coyote Logistics business unit to RXO, Inc., for $1.025 billion. “As UPS positions itself to become the premium small package provider and logistics partner in the world, the decision to sell our Coyote Logistics business allows an even greater focus on our core business,” said UPS Chief Executive Officer Carol B. Tomé. Based in Chicago, Coyote Logistics is a leading global third-party logistics (3PL) provider, working with 100,000 network carriers and managing 10,000 loads per day. The transaction is expected to close by the end of the year, subject to regulatory review and approval. Upon completion of the transaction, the company will update its financial outlook.

American Dollar to Canadian Dollar = 0.734347; American Dollar to Chinese Yuan = 0.143749; American Dollar to Euro = 1.056270; American Dollar to Japanese Yen = 0.007373; American Dollar to Mexican Peso = 0.050635.

Geopolitical tensions are affecting prices now and will lift crude higher if they persist, Fatih Birol, the executive director of the International Energy Agency, said in an interview on Thursday. Meanwhile, trade disputes such as the one between U.S. and China that’s hurt investor sentiment recently are not unusual and won’t have “a direct impact on oil markets for now,” he said on Bloomberg Television in New Delhi. Crude has surged to levels last seen in 2014 as the risk of violent conflict grips the market and raises concerns over potential Middle East supply disruptions. Top OPEC producer Saudi Arabia on Wednesday intercepted a missile attack by Yemeni rebels, who are seen as being supported by fellow group member Iran. That was after U.S. President Donald Trump warned Russia to expect an American missile barrage toward its ally, Syria. Click Read More below for additional information.