The US dollar has fallen on trade uncertainty against many other global currencies. This fall is due to the impact of see-saw trade headlines on the stronger dollar. The US dollar index which is an indication of the strength of the US dollar has failed to sustain in comparison to six major currencies and witnessed a fall of 0.1% by 97.593. It is not at all a good news and the US manufacturing activity fell to a new low in a decade in May which is responsible for the slowing down of the US economy.
However, following the US president Donald Trump’s decision to blacklist the Chinese tech giant, Huawei, the trade tensions seemed to ease out. This also caused a sensation among all the other technology firms around the globe. The US dollar didn’t get affected against the Japanese yen and the USD/JPY stood at 109.56. However, there was a fall of the US dollar by 0.2% against the Canadian dollar with USD/CAD falling to 1.3444. A lot of forex trading companies have been affected by this downfall of the US to a great extent.
On the other hand, the Euro has reached a new height post the surprising win of Dutch Labor Party’s Frans Timmermans in the European Elections. And there is a gain of 0.2% of Euro against Dollar to 1.1197. Taking about other currencies, there is no change in pound even though Prime Minister Theresa May made an announcement of her resignation in the first week of June. GBP/USD has increased by 0.1% to 1.2667 and the Euro also jumped by the same magnitude against the pound.
US Vehicle Shipping Services Industry Revenue has touched $12 Bn in 2019
The US Vehicle shipping Service industry has been growing at an excellent rate over the last five years. Due to this, various new industry operators have emerged in the country. According to the industry and market research unit, IBISWorld, the decreasing rate of unemployment and the rising income of people have contributed to an increase in the demand for vehicle shipping services. Shipping Service operators help in the transportation of various types of vehicles such as cars and motorcycles on ships, railroads, and trucks.
The report released by IBISWorld highlights that the volume of freight trafficking, which is measured in terms of the freight transportation index, has grown at a rate of 2.6% over the last five years. Due to this, the revenue of the vehicle shipping industry in the US has reached $12 Bn in 2019 with the growth rate of revenue at 1.2% per annum. During the same time period, there is an increase in the number of businesses at a rate of 0.8% and also the number of employees rate has grown at 2.2% on average.
Out of the total companies, the largest market share in the industry is enjoyed by Union Pacific Corporation, CSX Corporation, Burlington Northern Santa Fe Corporation, and Norfolk Southern Corporation. Local trucking transportation services, long-distance trucking transportation services, rail transportation services, and ship transportation services have contributed to the growth of Vehicle Shipping Services in the US.
The high income of people has contributed to the sales of higher vehicles which has eventually contributed to the growth in the industry. Schumacher Cargo Logistics is one of the best units which offers an excellent car shipping service. Apart from shipping services, it offers moving services to different corners of the world. For contacting this vehicle shipping service unit, you can visit the link given below:
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