Key Currency Exchange Rates for Friday, 7/7/23

American Dollar to Canadian Dollar = 0.830945; American Dollar to Chinese Yuan = 0.156690; American Dollar to Euro = 1.224094; American Dollar to Japanese Yen = 0.009138; American Dollar to Mexican Peso = 0.050224.

Saudi Arabia plans to keep its crude oil production in April below 10 million barrels per day (bpd), and maintain exports under 7 million bpd, the energy ministry said on Wednesday, as the top OPEC producer wants to end a global supply glut and boost prices. Saudi Arabia, the world’s biggest oil exporter, has been pumping below its OPEC target since January and reducing its crude shipments, particularly to the United States, as it turns its focus on cutting exports in an attempt to drain global oil stocks. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 2.7% in June after rising 0.3% in May. In June, the index equaled 120.1 (2015=100) versus 116.9 in May. “June’s jump tells me a couple of things: first, the transition in the freight market from spot back to contract continues. ATA’s tonnage index is dominated by contract freight, so while the spot market has slowed as freight softens, contract carriers are backfilling those losses with loads from shippers reducing spot market exposure," said ATA Chief Economist Bob Costello. "Essentially, the market is transitioning back to pre-pandemic shares of contract versus spot market. “Second, and perhaps equally important, while economic growth is expected to be soft overall in the second quarter, the goods-economy wasn’t as bad as feared," he said. May’s increase was revised down from our June 21 press release.