Key Currency Exchange Rates for Friday, 5/17/24

American Dollar to Canadian Dollar = 0.720660; American Dollar to Chinese Yuan = 0.137213; American Dollar to Euro = 1.136404; American Dollar to Japanese Yen = 0.006977; American Dollar to Mexican Peso = 0.050906.

The U.S. jobs report topped estimates last week, increasing confidence in the world’s biggest economy, giving a boost to the outlook for energy demand and driving benchmark crude prices up 3.2 percent on Friday. American oil explorers idled four rigs last week after six consecutive increases in drilling, easing fears over surging shale production. Prices were 0.4 percent lower Monday. “Employment is the key driver of oil demand, as more people at work means more commutes and, in consequence, rising road fuel use,” said Norbert Ruecker, head of commodity research at Julius Baer Ltd. in Zurich. Click Read More below for additional information.

Congress recently adjourned for its annual August recess following a productive July session that was punctuated by a number of significant wins for our industry. These victories would not have been possible without ATA’s repeated engagements with Capitol Hill. ATA experts are in regular contact with congressional leaders and staff to educate them on the trucking industry and effective policies that can best support fleets and drivers. *Improvements to young driver apprenticeship program advanced. *Base access provision included in NDAA. *House moved bill to overturn California’s destructive mandates. *Resolution opposing NYC congestion pricing breaks partisan gridlock. *ATA presses provision to protect independent contractor model. *ATA renews push to repeal FET.