HiFX: Foreign Exchange Specialists

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May 27, 2008

The US dollar saw little reaction as May’s Consumer confidence fell to its lowest level since 1992 as a result of the deepening U.S. housing slump.  The S&P Case-Shiller home price index dropped 14.4% in March marking its largest decline since the creation of the report in 2001.  Many analyst forecast further declines in consumer spending as home values continue to slip, gasoline nears $4 a gallon and unemployment continues to rise.