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29.12.2011 19:13

American focus: euro rose after falling earlier to a 15-month low against U.S. dollar

The euro rose against the dollar against the background of positive statistics from the U.S., where the Chicago PMI, who appeared at the level of 62.5 points, surpassed the average analyst expectations forecasted by 61.0 points. In addition, in November, the number of Americans signed contracts to buy second homes, rose more than analysts expected, as falling prices and low interest rates on loans have a positive effect on demand. The index of pending home sales transactions NAR increased by 7.3% to its highest level since April 2010, as shown by the National Association of Realtors in Washington. Economists surveyed by Bloomberg News, expected growth of 1.5%, and the previous figure noted an increase of 10.4%. Analysts' forecasts ranged from -3% to +11%.Industry, which provoked a 18-month recession that lasted until June 2009, showing signs of stabilization in the background of recovery of the construction sector and reduce the number of homes for sale. However, there is a danger that a new wave of deprivation of the right to repurchase the mortgaged property may have a negative impact on the development of the property market next year.

Earlier, the euro fell to a 15-month low against the U.S. dollar on speculation about what the ECB will be forced to increase the infusion of money into the financial system to avoid exacerbating the debt crisis in the region. Had no significant positive effect on market sentiment results of the auction of government bonds of Italy, whose results have been mixed. On one side was recorded decrease in the average yield for the production compared with the previous releases, but it failed to attract the maximum planned capacity. After the auction yield spread between 10-year bonds in Italy and Germany increased to the level of 519 basis points.

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