What happened this week: Times are becoming a little more complicated–in Europe at least. The fundamental consensus of the trade has been quite optimistic after the strong demand and positive performance of the leather industry and the solid impression delivered over the past weeks. Nothing has changed, for the time being, except that the financial markets are probably starting to have more of an influence rather than the hide market itself. The steep fall of the US$ and the clear signs of further increases in interest rates around the globe (China also raised its rates this week) is never normally good news for business and for European suppliers, in particular, the sharp decline of the US$ is already hurting.

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