Currency Update for Steel Trading Nations

In this report, we examine the change in currency values of the 16 pre-eminent global steel and iron ore trading nations. The currencies of these 16 don’t necessarily follow the broad index value of the U.S. dollar. In fact, at any given time, some are always moving in the opposite direction. The latest value of the Broad Index as published by the Federal Reserve was May 10. In three months prior to that date, the dollar had strengthened by 0.9 percent, most of which occurred in the previous 30 days. Three currencies declined significantly in the last one month and three months. In this report, we will examine the history of the Brazilian real, the South Korean won and the Turkish lira. (See the end of this report for details of data sources.)