American Dollar to Canadian Dollar = 0.789313; American Dollar to Chinese Yuan = 0.155103; American Dollar to Euro = 1.159787; American Dollar to Japanese Yen = 0.008991; American Dollar to Mexican Peso = 0.048585.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index contracted 1% in May after falling 10.3% in April. In May, the index equaled 106.1 (2015=100) compared with 107.2 in April. “While tonnage fell in May, even though other economic indicators like retail sales and housing starts rose, I’m not overly concerned,” said ATA Chief Economist Bob Costello. “First, while down over 10 percent sequentially in April, truck tonnage did not fall as much as other economic indicators that month. This means that any rebound is tougher since tonnage didn’t fall substantially to begin with. Second, there are indications that freight continues to improve as more and more states and localities lift lockdown restrictions.” April’s drop was revised up to -10.3% from the 12.2% decline reported in our May 19 press release.

The expectation that sanctions will again frustrate Iran’s oil industry and limit global supply has helped to boost prices close to 5% since the announcement. In the past, sanctions against Iran have cut the country’s crude exports by around 1 million barrels a day. But because the European Union and other intentional players have decided to stick with the deal, U.S. sanctions are likely to affect only up to around 350,000 barrels a day, once reinstated within six months’ time, according to analysts at MUFG Bank. The surge in prices this week prompted renewed oil market speculation that Brent could again reach $100 a barrel — a level not seen since before the price crash of late 2014. Click Read More below for additional information.