Economy
November 20, 2019
Currency Update for Steel Trading Nations
Written by Peter Wright
The U.S. dollar has weakened against 11 of the 16 steel trading nation currencies in the last three months.
In this report we examine the change in currency values of the 16 preeminent 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 Nov. 8. In three months prior to that date, the dollar had weakened by 1.3 percent; therefore, in this instance the currencies of the steel trading nations are congruent with the broad index.
