Key Currency Exchange Rates for Friday, 12/4/20

“It does appear the only way is up for oil,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney. “A lot of traders are speculating about the potential outcome of the OPEC meeting. Expectations are high and that could lead to disappointment if OPEC and its partners don’t deliver, but it doesn’t seem many are prepared to take the risk of that happening.” U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest oil-storage hub, dropped by 1.8 million barrels last week, the API said, according to people familiar with the data. Gasoline inventories expanded by 869,000 barrels, API data show. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.5% in August after falling 1.1% in July. In August, the index equaled 110.3 (2015=100) compared with 109.8 in July. “August’s monthly gain, while small, was the first since March,” said ATA Chief Economist Bob Costello. “It is important to remember that ATA’s tonnage data is dominated by for-hire contract freight, with a very limited amount of spot market freight. I continue to believe that tonnage has not recovered to pre-pandemic levels for two main reasons - broader supply chain issues, like semiconductor shortages, as well as industry specific difficulties, including the driver shortage and lack of equipment. “Despite some supply chain issues, demand remains strong for trucking services generally. Truckload carriers are operating fewer trucks than a year earlier, which makes it difficult to increase freight volumes significantly,” he said.

American Dollar to Canadian Dollar = 0.799645; American Dollar to Chinese Yuan = 0.154574; American Dollar to Euro = 1.180609; American Dollar to Japanese Yen = 0.009107; American Dollar to Mexican Peso = 0.050172.