FX Closing Comments

The Dollar was under pressure today, falling against all the other majors. The day's data was unhelpful, with the Conference Board's leading indicators soft at -.2 for September, and the Philly Fed survey down a surprising -.4, after last month's +18.5. Although Philadelphia is only one region, the feeling that a broadly-based manufacturing slowdown is in the works. Looking forward, next week will bring another round of housing reports in the U.S., and most analysts expect to see a continuation of the downward pattern. The Dollar Index was down 61 ticks on the day.