In the week ending Friday 27 the dollar depreciated against the euro and yen after a short period of appreciation experienced in the week before. The assessment was given to a lower risk aversion, following the disclosure of information favorable to economic activity, both the American economy as economies of the euro area and Japan. Thus, during the week the dollar depreciated 0.72% against the euro and 2.72% against the yen. Note the significant depreciation against the yen. This development comes despite the announcement by Dubai World to renegotiate its debt, the day that the dollar experienced a transient finding. The dollar's depreciation against the euro and the yen so far this month, enough to be of 1.68% and 3.92% respectively. So far this year,

the depreciation of the dollar against the euro and the yen is 6.76% and 4.73% respectively as always. What is most striking being the depreciation of the dollar relative to gold. In the week continued the steady increase in the price of the precious metal. Thus, a contribution of U.S. $ 1150.70 an ounce, went over to a contribution of U.S. $ 1177.70 during the week in question, , an increase of 2.35%. So far this month, gold has increased in price by 12.73% and 33.84% so far this year. This persistent increase is explained in greater demand for gold as a financial asset, given the depreciation of the U.S. currency, which has generated purchases and purchases announcement of this metal by various central banks. It appears that the dollar has not yet reached a level floor and the downward trend will continue, with occasional transient periods of assessment, to changes in risk aversion of economic agents, explained by the sensitivity of markets to any news about the evolution of the economy. An important note against the euro. The year 2010 will be a test for this currency, because of the gap observed at the start of the crisis between the economies of the currency area. Germany and France have been experiencing an economic recovery, while Spain and Italy still trapped in recession. If, as all indications, this disparity will continue and will increase during the first half of next year, sometime in Germany and France will require a tighter monetary policy, while others still need to laxity of the current policy will require wait and see stance adopted by the European Central Bank. This introduces a major risk factor exposure to exchange rate against the euro. Dollar-Sun During the week the dollar appreciated by 0.27% against the sun, somewhat mitigating the depreciation has experienced so far in November, to Friday, 27 depreciation amounted to 0.77%. Also, the depreciation of the dollar against the sun reaches to be 7.91% so far this year.