Key Currency Exchange Rates for Friday, 10/27/23

American Dollar to Canadian Dollar = 0.783018; American Dollar to Chinese Yuan = 0.152749; American Dollar to Euro = 1.212853; American Dollar to Japanese Yen = 0.009604; American Dollar to Mexican Peso = 0.049673.

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.

Oil is holding above $50 a barrel as speculation mounts that members of the Organization of Petroleum Exporting Countries will prolong supply curbs to prevent the market returning to surplus next year. At the same time, there are signs that growth in U.S. shale oil, which has kept a lid on prices, may be slowing as drilling declines. “The market will probably take it positively if OPEC can explain their thinking on how it works when they’re not voluntarily holding back oil from the market anymore,” Torbjorn Kjus, analyst at DNB Markets said. “There’s a fear in the market that when the deal runs out, then it’s every man for himself again, and that’s not what they’re thinking.” Click Read More below for additional information.