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    March 13, 2014

    Currency Update for Steel Trading Nations- March 10th 2014

    Written by Peter Wright

    In the last three months the US dollar has strengthened against fourteen of the currencies of the major sixteen steel trading nations. In the last one month, that trend has reversed and eleven of the steel trading currencies have strengthened against the US dollar. Table 1 shows the number of currency units that it takes to buy one US $ and the percent change in the last year, three months, one month and seven days. In the last year, the currencies of the major iron ore producing nations, Australia, Brazil and Canada have weakened against the US$ by 11.4 percent, 16.9 percent and 7.2 percent respectively. A decline in these currencies has a downward influence on the price of iron ore.

    Peter Wright

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