Economy
May 26, 2016
Currency Update for Steel Trading Nations- May 26th 2016
Written by Peter Wright
One of the most important indices a steel buyer (or seller) can follow is that of the value of the U.S. dollar vs. the currency of the key steel trading nations. As the dollar value rises or falls, commodities, including steel, tend to be affected. Currency update articles are normally reserved for our Premium Members but we wanted to share it with our all of our members and the steel industry in general in tonight’s special issue of SMU.
The Broad Index value of the US $ peaked on January 20th at 126.2 and bottomed out on May 2nd at 118.18, a decline of 6.4 percent. On May 20th (latest figure available), the dollar had bounced back by 3.1 percent to 121.87 (Figure 1)
