NEW YORK (CNN/Money) - The big currency play of the moment ... sell dollars, buy euros ... continues to dominate the headlines as bears focus on the big U.S. trade and budget deficits, and the bulls -- well, it's impossible to find any of those lately.

A currency analyst told me yesterday that today's U.S. leading economic indicators report could also spur dollar sales. It's expected to be down for the fifth month in a row, and he said that's a sign the U.S. economy is not doing so well.

But as one economist told me, it depends on how you look at it and what you see. This string of declines in the LEI have been small, and are not raising any big red flags.

What is more worrisome is some signs that the trends in manufacturing are slowing. Also it remains to be seen if people shop much for the holidays.

On the plus side, housing still looks very strong and jobs seem to be growing more. In fact, ask a stock market bull and he or she will tell you the U.S. economy is going full speed ahead.

Rose-colored glasses for stocks and the darkest shades possible for the dollar? Until the economic numbers are definitive, both sides will see things as they choose.  

Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.