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U.S. Leading Economic Index continues to rise higher in July

The U.S. Leading Economic Index (LEI) continued to rise higher in July. The index rose 0.3 percent on a sequential basis. The LEI has risen for 11 straight months, which is a positive sign for continued economic growth ahead, noted Wells Fargo in a research report.

The Leading Economic Index rose 0.3 percent in July in spite of a drag from building permits following the disappointing housing starts print. The ISM new orders and consumer expectations for the future provided healthy boosts to the index. The coincident index also rose in the month, with positive contributions from all components.

The LEI had risen for 11 straight months from last September. The last time this was achieved was in mid-2015, which was the strongest year of the rebound so far.

“Our primary recession forecasting model utilizes the LEI as a key input, and with another positive print today the model indicates that the probability of a recession in the next six months is low”, stated Wells Fargo.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at -22.5213. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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