American Dollar to Canadian Dollar = 0.798910; American Dollar to Chinese Yuan = 0.157387; American Dollar to Euro = 1.144236; American Dollar to Japanese Yen = 0.008794; American Dollar to Mexican Peso = 0.049221.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 2.4% in May after decreasing 1.7% in April. In May, the index equaled 115.4 (2015=100) compared with 112.7 in April. “Tonnage had a nice gain in May, but remains in recession territory,” said ATA Chief Economist Bob Costello. “The 2.4 percent gain didn’t erase the 4.5 percent total drop the previous two months. Additionally, tonnage continues to contract from year earlier levels as retail sales remain soft, manufacturing production continues to fall from a year ago, and housing starts contract from 2022 levels.” Compared with May 2022, the SA index decreased 1.3%, which was the third straight year-over-year decrease. In April, the index was down 3.4% from a year earlier.

“The rise in oil prices has mainly been caused by the freezing polar vortex hitting the U.S., firing up heating demand, and spurring concern about a potential impact on oil production and trade,” said Jens Naervig Pedersen, an analyst at Danske Bank A/S in Copenhagen. Oil has risen for two years running as the Organization of Petroleum Exporting Countries and Russia led a coalition of oil producers in cutting output. Prices have also been boosted by stoppages at pipelines in the U.K. and Libya. However, they are now at levels that are expected to help U.S. shale producers ramp up drilling, unlocking more crude and undermining OPEC’s efforts. Click Read More below for additional information.