What happened this week: The market continues to display a great deal of uncertainty. Activity increased a little after the US presidential election, yet nobody can be totally happy as the downward trend of the dollar has continued after Mr Bush’s victory, raising the pressure on prices in the euro-zone. More sales were generated with more interest, and selling pressure did not increase any further thanks to the selling volumes. However, margins in particular remain under pressure due to currency developments. Revenues in euros are either directly under pressure when selling to overseas markets, or indirectly, when hides are sold to tanners exporting leather themselves. One has to wonder how long the European industries can handle and cope with the massive disadvantages arising from currency relations - not only from the dollar but also from the pegged currencies such as the Chinese yuan.

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