After decrease, which lasted many days, yesterday the dollar partially won back its losses against the basic currencies. We remind that, having been at a year and a half minimum against the euro (1.3216), the dollar yesterday became stronger up to a level 1.3131.

The dollar/yen thus was consolidated near a level 116.00. And the dollar/canadian found its equilibrium position near a level 1.1380.

The technical reason of this, in experts’ opinion, is fixing of dollar "shorts", opened by large players even before celebrating of Thanksgiving Day in the USA. And the fundamental factor of support of a rate of the American currency became upward revision of GDP value for the third quarter in the USA.

Let's remind that the refined value of GDP index in the USA for the third quarter made +2.2 % for a year, at the forecast of +1.8 % for a year, and preliminary value of +1.6 % for a year.

As a result core PCE was up 2.2 %, price PCE index grew +2.4 %, and consumer charges in the third quarter were up 2.9 %. Final sales in the third quarter were revised to +2.1 % from +1.7 %, and data on net export – to -0.21 from -0.58.

Corporate profits before taxation, meanwhile, in the third quarter reduced to + $46.3 billion against + $70.9 billion in the second one. And data on the real available income in the second quarter were revised from +1.7 % up to-1.5 %.

Analyzing data of the report, economists notice that the economy grew in the third quarter at higher rates than it was expected, though more slowly than in the second quarter, and much more slowly than in the first.

However thus, higher level of inventories and lower consumption assume that growth in the fourth quarter will be rather weaker.

As a whole, the majority of analysts consider that the report was strong, except for data on consumption. Thus experts agree that as companies now are going to reduce excessive inventories "retribution for it" will come in the fourth quarter of this year, or in the first quarter of the next.

Let's notice, that data of the economic review of Federal Reserve System of the USA "Beige Book" showed that rates of economic growth in the majority of regions of the country continued decrease.

Besides today's macroeconomic data on economy of Europe (12) and the whole region were also in favor of growth of the European currencies against the dollar.

So, change of number of jobless in Germany made -86K for November in view of seasonal fluctuations, at the forecast -27K, and the previous value -67K.

And unemployment in Germany made 9.6 % for November, except for seasonal fluctuations, at the previous value of 9.8 %.

Thus preliminary value of GDP index in Europe (12) for the third quarter 2006 made +0.5 % for a quarter, +2.7 % for a year, at the forecast of +0.5 % for a quarter, +2.6 % for a year, and the previous value of +0.9 % for a quarter, +2.7 % for a year.

And preliminary value of a consumer price index in Europe (12) for November made +1.8 % for a year, at the previous value of +1.6 % for a year.

Besides the indicator of a business climate in Europe (12) for November made +1.54, at the previous value +1.41.

The index of business moods in Europe (12) for November made 110.3, which showed small reduction, at the previous value 110.4.

We recommend to adhere to our last recommendations: to keep the dollar/canadian sales protected by placing stop in "break-even".

To wait for up corrections of the dollar/franc rate to levels 1.2220 and 1.2345 before opening of long-term sales.