Today market focused its attention on the US housing market and the world oil market.

Downturn of the market of the real estate of the USA proceeds, and the steps undertaken by the Federal Reserve in September and directed on stimulation of production and liberalization of the crediting market have not made the special effect.

Moods of housing builders in the USA continue to worsen according to the index of the market of the real estate published yesterday in the end of the American trading session by National Association of Builders. NAHB index fell in October by two points, from 20 in September to 18 in October. Value of the index decreases the eighth month in a row, and it was the lowest for last twenty years.

According to analysts’ forecasts depression on the market of the real estate can proceed during half a year, and by next spring home sales will reduce up to 805000 houses. If these forecasts come true, it will be the worst year for the market of the real estate of the USA for last 10 years.

Today data on new home sales of and housing starts in the USA for September have warmed up pessimistic moods concerning the market of the real estate even more.

New home construction dipped by 10 % up to 1,191 million that became sharper decrease than it was expected, analytics predicted reduction in number of constructions to 1285 million in September vs. 1327 million in August.

A proceeding crisis on the market of the real estate increases chances that FRS will make one more step on downturn of the federal funds rate at next FOMC meeting in the end of this month. Therefore today dollar position weakened greatly.

Besides a proceeding rise in prices on world oil platforms puts pressure upon dollar. Yesterday prices for oil futures at NYMEX tested a new historical top of 88 dollars a barrel.

The conflict on the Turkish-Iraq border weakens hopes for renewal of export of Iraq oil through Turkey which was not regular since 2003, however, in analysts’ opinion, risk of destabilization of all Near-Eastern region, to which share falls one third of the produced oil in the world, caused greater alarm.

Despite intense situation in the world on forex quotations remain in relative rest, the position of eurodollar do not leave the frameworks of a sideways. We remind that in the end of week the G7 summit devoted to economic problems, takes place. As it is expected at the summit there will be raised a question concerning exchange rates. While we remain off the market and continue to observe the situation.