The Dollar Goes Down Again

The consumer market in the USA is very unstable at the moment

The weighted average dollar rate made up 30,46 rubles per dollar in the beginning of today's special "tomorrow" trading session. This index is five kopecks lower than the official rate of the American currency as of June 16th. The strengthening of the ruble continues. The dollar rate dropped against the ruble by five kopecks at the end of the last week, on June 11th. RBC news agency believes with reference to commerce banks dealers that the continuing strengthening of the Russian ruble is explained with the four-day break on the Moscow Intern-Bank Currency Exchange (MICEX). Exporters have saved a lot of currency profit during that time, so they try to sell it today. The high volume traded was another proof for that: the level of $80 million was achieved in 30 minutes after the trading session started. However, potential buyers of the currency are still restrained and careful: they buy dollars in restricted quantities, RBC believes. As a result, the dollar dropped against the ruble on account of the low demand. On Monday, the weighted average dollar rate dropped by 11,41 kopecks at "today" trading session on MICEX and made up 30,46 rubles per one American dollar. Yet, experts believe that there were not only Russian factors to exert influence on the dollar rate.

The dollar was shaken all over the world at the end of the last week, when Russia was celebrating  Independence Day, while the rest of the world was living as usual. K2Kapital news agency reported that the dollar slipped against the euro considerably on Friday. Experts believe that the reduction of the American currency was caused with the publication of the June preliminary index of the American consumer market, calculated by a University of Michigan. It turned out on Friday that the consumer market dropped to 87,2 in the beginning of June vs. 92,1 in May.

The reduction of the index became the largest and the most unpleasant surprise both for economists and for the stock market. In March, a University of Michigan's index reduced to the lowest level in nine years - 77,6. The index increased in April, owing to the fast victory in Iraq, and continued growing in May, due to post-war optimistic sentiments. K2Kapital reported that  the growth of the consumer index had been forecast on the base  of the stable development of the stock market. However, the forecast proved to be wrong. The dollar rate slipped against leading currencies of the world, and currency traders hurried to sell their dollars. On Friday night, the dollar was traded in New York on the level of $1,1859 per one euro, against the previous level of $1,1765.

The upheaval with the American mortgage giant Freddie Mac is under way - the company's stocks have dropped by 16 percent, which showed a very negative influence on the rest of the market. One shall assume that the dollar is not going to experience good times in the nearest future. America's two major mortgage companies Freddie Mac and Fannie Mae own rights and guarantee loans in the total sum of more than three trillion dollars, which comprises 42 percent of the USA's mortgage market. The real estate market can not be considered the base of the American economy.