During the week the dollar has appreciated by almost 2% against the euro and depreciated by 2.1% against the yen. This behavior was reversed that had been observed in recent weeks, marked by an appreciation against the euro and the yen depreciation. This appreciation and depreciation of the week concerning the two currencies quoted, he gave in the first half of the week, until Wednesday, the day when the dollar was trading to 0.68 euros and 90.70 yen. Throughout Thursday and Friday in exchange rates were no greater variation, closing the week at 0.6795 euros and 90.12 yen. This reversal of the dollar's behavior occurred in a context of high volatility in currency markets in the early days of the week. Risk aversion of

economic agents as a result of increased uncertainty about the U.S. economic recovery and the strength of it. Doubts about the ability of the U.S. economy to sustain economic growth in the absence of economic stimulus measures will be increased, given the labor market situation, characterized by a high and increasing level of unemployment, close to exceed 10%. Thus, while reported annualized growth of 3.5% of GDP during the third quarter, prompting some authorities to proclaim the end of the recession, this was explained largely by the transient effects of coupon on sales of the automotive industry. The question for the maintenance of this growth, after the end of this measure of financial support was strengthened with the announcement of an unexpected drop in the rate of new home sales in September. This context of uncertainty was reflected in a further fall in consumer confidence index, calculated by the University of Michigan. This increased risk aversion was reflected in global stock markets and the trading of metals, gold and oil, which experienced steep falls. The uncertainty and volatility of this week will be a feature of the output process of the international crisis and reflected sharply in foreign exchange markets, which should not lead to confusion about the fundamentals required for stabilization of the global economy, which go through a weaker dollar. The month of October ended with a depreciation of 0.51% against the euro and an appreciation of 0.47% against the yen. So far this year has elapsed, you have a depreciation of 5.16% and 0.84% against the euro and yen, respectively. Dollar-Sun The evolution of the sun against the dollar followed the same pattern as that followed by the euro. The depreciation of the sol was 1.34% during the week. Like the euro, this depreciation materialized during the first 3 days of the week, after which the price of the U.S. currency remained relatively stable, although in a context of uncertainty and doubt on the part of operators. Every time the sun shows a behavior more aligned with the euro. While the main explanation for the behavior of the sun relative to the dollar was the international context described above, also influenced the delayed effects of purchases of U.S. currency by the Central Bank in recent days, which was reflected in a shortage of this currency into the banking system, all this despite the BCR nonintervention in the week ended. Thus, in relation to the sun, in October the dollar has appreciated by 0.94% and depreciated by 7.19% so far this year.