Economy
March 16, 2020
Currency Update for Steel Trading Nations
Written by Peter Wright
The currencies of the commodity dependent nations have crashed in a flight to the safe haven of the U.S. dollar.
The U.S. dollar strengthened against 13 of the 16 steel and raw materials trading nation currencies in the last three months. In the last 30 days, the currencies of Brazil, Mexico and Russia were down by double digits. Australia was down by 8.0 percent and South Africa by 7.8 percent. The decline accelerated in the last seven days as news of the coronavirus pandemic worsened.
