Key Currency Exchange Rates for Friday, 1/7/22

Faced with dramatic increases in the cost of Azo intermediates and related raw materials, Sun Chemical Performance Pigments will raise its global prices on Azo pigments, specialty pigments and their pigment preparations, effective January 1, 2018. “The cost of Azo intermediates and other key raw materials have increased significantly and continue to do so, impacting the pigment industry,” said Chris Weighill, Vice President and Global Classical Pigment Product Manager, Sun Chemical Performance Pigments. “The expectation is that there will be no short-term relief in sight for these rising costs—forcing us to increase our prices. While we regret the necessity to take this action, current market conditions dictate that we must adjust our prices. We will continue to explore other cost reduction opportunities and productivity gains to offset the rising costs of raw materials.”

Oil steadied near $67 a barrel as markets regained some composure following renewed trade tensions between the U.S. and China, political turmoil in Europe and simmering concerns that OPEC may ease its output curbs. Futures in New York were little changed, though still almost $6 below last week’s high. China said it would respond accordingly to U.S. President Donald Trump’s plan to impose tariffs on $50 billion of Chinese imports. Encouraging economic data in Europe blunted panic related to Italy’s political crisis, which on Tuesday helped boost a gauge of oil market volatility to its highest level since February. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.810159; American Dollar to Chinese Yuan = 0.156347; American Dollar to Euro = 1.165368; American Dollar to Japanese Yen = 0.008787; American Dollar to Mexican Peso = 0.048868.