Key Currency Exchange Rates for Friday, 4/30/21

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.

After jumping 2.2 percent on Monday, futures added 1 percent in New York on Tuesday. European and Asian stocks rose as President Donald Trump faced resistance to plans for a series of import tariffs, while a diplomatic breakthrough with North Korea also boosted optimism. Still, the International Energy Agency’s warning that OPEC production cuts will unleash a supply surge from the U.S. and other producers maintained a note of caution in the market. The production cuts that helped push prices above $60 a barrel are triggering a flood of supply from OPEC’s rivals including Brazil and Canada, which will cover all growth in global demand until 2020, the IEA said. The agency may also raise its forecast for U.S. output if oil stays above $60 a barrel, Birol said during the CERAWeek oil conference in Houston. Non-OPEC growth is so strong that the oil market will change for years, he said. Click Read More below for additional information.

National Average Price for Regular Unleaded Current: $3.122; Month Ago: $3.204; Year Ago: $3.462. National Average Price for Diesel Current: $3.566; Month Ago: $3.571; Year Ago: $4.451.