Key Currency Exchange Rates for Friday, 4/2/21

The American Trucking Associations, through its federation of 50 state associations, called on the governors of every state to prioritize truck parking with their infrastructure spending priorities. In a letter sent to every governor, ATA and state trucking associations spelled out the numerous new resources provided by the federal government, including new funds from the Infrastructure Investment and Jobs Act, to improve and expand truck parking facilities. “Construction of new truck parking capacity at rest areas or adjacent to private facilities is eligible for funding, as are improvements that allow for increased parking capacity at nontraditional locations, such as weigh stations and commuter lots, when appropriate,” the letter said. “Some states have already utilized these resources to increase parking capacity or improve the operational efficiency of existing facilities.”

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 1.4% in January after rising 1.2% in December. In January, the index equaled 114.6 (2015=100) compared with 113.1 in December. “Over the last four months, the tonnage index has increased a total of 3.3%, which is obviously good news,” said ATA Chief Economist Bob Costello. “However, the index is still off 2.8% from the high in March as tonnage plunged 9% in April alone. I continue to expect a nice climb up for the economy and truck freight as we get more economic stimulus and increased vaccination numbers.” Compared with January 2020, the SA index fell 2.1%, which was preceded by a 2.6% year-over-year decline in December. In 2020, the index was 4% below the 2019 average.

Crude oil prices gained in Asia on Monday as the impact of Hurricane Irma was not as severe as expected so far, but still packed a wallop for Florida even as its intensity was downgraded and as investors eyed China crude buying trends in the wake of a strongly stronger yuan. Hurricane Irma knocked out power to more than 2.4 million homes and businesses in Florida on Sunday, threatening millions more as it crept up the state's west coast, and full restoration of service will take weeks, local electric utilities said. But after Hurricane Irma hit Florida on Sunday morning as a dangerous Category 4 storm, the second highest level on the five-step Saffir-Simpson scale, it weakened to a Category 2 with maximum sustained winds of 110 miles per hour (177 kph). The yuan gained to its highest level since May 2016 on Monday, a boon for commodity imports priced in dolalrs that are imported into China such as crude oil. Click Read More below for more of the story.