The American dollar slightly weakened its positions yesterday. The EUR/USD currency pair closed the trading session at the level of 1.4328. The high was reached at 1.4365, while the low was fixed at 1.4233. Yesterday\'s released statistics on housing market became the reason for this. New Home Sales in the USA in November dropped by 11.3% m/m and came to 0,355 mln., while analysts were expecting of the growth to 0,44 mln.
More likely, that the pressure upon the US dollar on the part of the construction sector in 2010 will not only continue but strengthen. After stopping of incentive schemes, there will be no premises for sector\'s uprise. Mortgage rates are continuing to rise. Thus, the construction sector will not become better for investments activation for market participants. Personal spending in the USA in November grew by 0.4%. Even such slight uprise of household spendings may be considered as positive by market participants, because it allows people to save a part of money.
However the most part of market participants examined the macroeconomic statistics as a negative one, which exerted a definite pressure on the US dollar. The American shares market closed on Wednesday with an erratic indices growth: if the technological sector sharply increased, due to solid results of Micron Technology and Red Hat companies, then suddenly pessimistic data about real estate market interrupted Dow and S&P 500 indices success. Dow Jones industrial average index rose by 0,01% to 10.466,44 points. Nasdaq Composite technological index enhanced by 0,75% to 2.269,64 pips. Investors are waiting for Jobless claims index and Durable goods orders. It is expecting that these indices will demonstrate the upsurge.
Best regards,
Analyst: Natalia Grigorjeva.
