Economy
April 15, 2020
Currency Update for Steel Trading Nations
Written by Peter Wright
The U.S. dollar strengthened against 14 of the 16 steel and raw materials trading nation currencies in the last three months and also in the last month. There was a turnaround in the last seven days when the dollar weakened against 14 of the 16. In the last three months, the currencies of Brazil, Mexico, Russia, South Africa, Turkey and Ukraine were down by double digits.
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, but in the last month they did. The latest value of the Broad Index as published by the Federal Reserve was April 10 on which date the dollar was stronger than at any time in the last 18 years. Our country data from Oanda was current as of April 13.
