HiFX: Foreign Exchange Specialists

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July 21, 2008

June U.S. leading indicators declined 0.1% m/m, in line with expectations.  This marks the first decline in 4 months and brings the index to its lowest level since March 2005.  May’s figure was also revised downwards to -0.2% m/m.  Many analysts took this information as a warning that the weakness that saw the index trend lower between August 2007 and February 2008 may be starting to re-emerge.  Despite the move lower in the leading indicators the U.S. dollar was largely unchanged.