A gauge of economic prospects in the US rose for the first time in seven months in November, the OECD said today. The Paris-based think tank's composite leading indicator for the US rose to 128.1 in November from 127.5 the previous month, indicating that the US economy may be making some progress through what Alan Greenspan has described as a "soft patch". The improvement in the indicator follows the Federal Reserve's decision to slash US interest rates by half a percentage point early in November The composite leading indicator for the entire OECD area, which includes Ireland, also rose marginally in November, having been unchanged in October, increasing to 120.1 from 119.8 However, the UK saw another decline in its indicator, to 103.7 from 104.0, its sixth consecutive drop. Elsewhere in Europe, both Germany and France recorded increases in November, to 123.0 from 122.4 and to 119.5 from 119.1, respectively. The European Central Bank yesterday left interest rates unchanged at 2.75pc, having cut rates by 0.50pc in December. ECB president Wim Duinsenberg said he does not believe the eurozone economy will contract this year ///www.fxcentre.com