Key Currency Exchange Rates for Friday, 11/20/20
American Dollar to Canadian Dollar = 0.766065; American Dollar to Chinese Yuan = 0.152256; American Dollar to Euro = 1.186356; American Dollar to Japanese Yen = 0.009631; American Dollar to Mexican Peso = 0.049618.
https://www.x-rates.com/table/?from=USD&amount=1.00
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While shippers cite merger concerns, rival railroad looks instead to ‘collaborations’
Canadian National this week was the only Class I railroad to publicly comment on the $85-billion acquisition agreement between Union Pacific and Norfolk Southern, a corporate marriage that if approved would create the first U.S. transcontinental freight railroad.
“CN is closely monitoring the ongoing discussions about possible transcontinental rail mergers,” the Montreal-based company (NYSE: CNI) said in a statement to FreightWaves. “Our focus remains on delivering consistent performance for our customers, pursuing strategic growth opportunities, and creating long-term value for our shareholders.
“CN believes this can be achieved through greater collaboration between railways, connecting key markets with critical resources,” as opposed to mergers.
Oil Trades Near Five-Week High as Stronger Demand Pares Surplus
Futures were steady in New York after rising 3.8 percent in the previous three sessions. Global demand will climb this year by the most since 2015, the IEA said Wednesday. OPEC on Tuesday raised estimates for the amount of crude it will need to supply in 2018 on stronger consumption from Europe and China. U.S. oil output gained last week as operations returned after Hurricane Harvey. The IEA report “was taken as confirmation of the prevalent supply-tightening narrative, that that oil surplus is slowly disappearing,” said Norbert Ruecker, head of commodity research at Julius Baer Group Ltd. Still, crude is “trading at the upper end of a fundamentally justified price range” and the “upcoming seasonal demand soft patch is set to create near-term headwinds.” Click Read More below for more of the story.