American Dollar to Canadian Dollar = 0.767295; American Dollar to Chinese Yuan = 0.144414; American Dollar to Euro = 1.005788; American Dollar to Japanese Yen = 0.007030; American Dollar to Mexican Peso = 0.050297.
https://www.x-rates.com/table/?from=USD&amount=1.00
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Futures gained 1 percent in New York after rising 1.6 percent the previous two sessions. The IEA boosted its forecast on stronger-than-expected consumption in Europe and the U.S., and said that inventories of refined products are subsiding to their five-year average. A six-month extension to supply curbs from the end of March is one of the options being considered by OPEC and its allies, according to a person familiar with the matter. Oil in New York has averaged about $49 a barrel this year as efforts to drain a global glut by the Organization of Petroleum Exporting Countries and partners including Russia are stifled by rising shale output. U.S. crude inventories expanded by 6.18 million barrels last week, according to industry data, as oil processors gradually restarted following Harvey. Click Read More below for more of the story.
The American Forest & Paper Association (AF&PA) is calling on the Office of the United States Trade Representative (USTR) to exempt Brazilian bleached eucalyptus kraft pulp (HTS code: 4703.29) from potential Section 301 tariffs, warning that the material is indispensable to the U.S. tissue industry and cannot be purchased domestically at commercial scale. The group submitted its comments as part of USTR’s ongoing investigation into Brazil’s trade practices.
On September 3, USTR will hold a public hearing to gather further testimony on these issues and assess how Brazilian laws may be restricting fair market access for American firms.
AF&PA’s urges that eucalyptus production is extremely limited, with viable growing areas confined to small regions in coastal California and Hawaii, which cannot meet industrial-scale demand.
The association holds that imposing tariffs on Brazilian pulp would harm U.S. manufacturers by raising input costs, reducing profitability, and undermining the competitiveness of American-made tissue products.
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 3.7% in November after falling 5% in October. In November, the index equaled 112.2 (2015=100) compared with 108.3 in October. “The 2020 seesaw pattern continued in November as typical seasonality is not holding this year,” said ATA Chief Economist Bob Costello. “It was a nice gain, but the rebound was not enough to make up for October’s drop. Robust retail freight, helped by consumer spending, especially e-commerce, and very lean inventories helped truck tonnage last month. Strong single-family housing starts are also aiding freight tonnage, but lackluster restaurant, manufacturing and energy sectors remain a drag. I expect these softer industries to benefit from widespread COVID-19 vaccinations in 2021.” October’s decrease was revised up to 5% from our November 24 press release.