What is economics and why should we study it?

Global EconomicsImmigration and Economic DevelopmentTechnological Changes and TradeOutsourcing Foreign Investment and CurrencyCurrency and TradeInternational Economic Shocks and Domestic Economics StabilityThese are just some of the major venues through which world economy affects our economyGlobalization is the process of integration of an economy into the worldeconomy. This process involves output markets, labor markets, capital markets.

For the USsee BEA

Income distribution in 2005: GDP per capita based on PPPLess than 1806.501806.50 4052.404052.40 7088.707088.70 19111.60Greater than 19111.60No Data Available

World Economy in 2005Source: WDI for 2007

The planet Earth in the darkness of the night** Image source: NASA (http://antwrp.gsfc.nasa.gov/apod/ap001127.html)

Correlation between life expectancy and the standard of living as measured by theGDP per capita (PPP) is positive 0.63, see the stats table

Economic development = quality of life

Evaluating Economic ActivityOutput production, the process of income creationGDP - the total market value of all final goods and services produced by factors of production located within a nations borders over a period of timeGNP - the total market value of all final goods and services produced by factors of production owned by a nation over a period of time Relation of Gross Domestic Product and Gross National Product [Billions of dollars]www.bea.gov

199420002001200220032004Grossdomesticproduct7,072.209,817.0010,128.0010,469.6010,971.2011,734.30Plus:Incomereceiptsfromtherestof the world186.4382.7322.4305.7343.7415.4Less:Incomepaymentstotherestof the world160.2343.7278.8275275.6361.7Equals:Grossnationalproduct7,098.409,855.9010,171.6010,500.2011,039.3011,788.00

GDP is a measure of production, and production represents economic activity. Note that the sale of output is simply a transfer of ownership (or wealth), while the production of output is the process of generating wealth. The production generates incomes to the factors of production, which are then distributed to the inputs: pay wages to employeespay interest to lenderspay profit to capital owners etc.

Therefore total value of output is equal to total income. In what we can consume we are limited by what we produce. Therefore GDP per capita (GDP/population) is a measure of average income in a country.Output and IncomeGDP and GNI

Understanding GDPHow should the following count?Purchase of MSFT shares through e-trade brokerPurchase of a previously owned housePurchase of a new house from a construction companyPurchase of a used car from a private individualPurchase of a used car from a used car dealerPurchase of a class at GSUBuild up of dealer inventories?Cooking your own meal?Going out to a restaurant?

Understanding the GDP IIHow should the following count?Purchase by Ford Comp. of new tires from a tire supplier?Purchase by me (private car owner) of new tires from a tire supplierPurchase of oil by an American oil company from another American oil company (oil is domestically extracted)Purchase of oil by an American oil company form a foreign supplier of oilReceipt of dividends by a US resident from a Russian companyProduction of new Nissan Altima cars by a US based Nissan FacilityProduction of new VW Jetta cars by a Mexico-based VW facility

Comparing Incomes Across CountriesReal PPP GDP per capita as a measure of the standardof living.Standard of living: Income/PricesRead GDP as a measure of incomeAdjustment for the cost of living: difference in prices

Purchasing Price Parity adjustment for the costof living. Prices differ across countries creating differences in purchasing power of money. For instance, 1000 USD buys more (today, probably less) in Moscow than in Atlanta.

Constructing a cost of living indexFixing a market basketTracking that market basket through different locations

Less than 17101710-35603560-62506250-15110Over 15110No data availableGNI per capita in 2001, PPP method (current international $)World Bank Development Indicators for 2003

Lower income group: GNI per capita PPP< $1878Lower middle income: GNI per capita PPP < $4244Middle income group: GNI per capita PPP $18589

Income distribution in 2004

Real GDP growth rate in 2000 World Bank Development Indicators 2003Less than 0.6-0.6 < . < 0.80.8 < /

Real GDP growth rate in 2001 World Bank Development Indicators 2003Less than 0.6-0.6 < . < 0.80.8 < /

Evaluating economic activity - InflationInflation the rate of growth in the average of all pricesMeasuring inflation:Price IndexCPIPPICore IndexReal versus Nominal measures

US statistics: www.bls.gov

Real versus NominalNominal GDP growth rate = output growth rate + price level growth rateUSA

Chart1

19954.6025282092.5

19965.66662611353.7

19976.23520833074.5

19985.33097311034.2

19995.96090088034.5

20005.91903672693.7

20013.16797392280.8

20023.37282780411.6

20034.79101398332.7

20046.95548344764.2

Grossdomesticproduct

Nominal GDP

Real GDP

year

level of growth

Growth in Nominal vs Real GDP

Sheet1

19941995199619971998199920002001200220032004

Grossdomesticproduct7,072.207,397.707,816.908,304.308,747.009,268.409,817.0010,128.0010,469.6010,971.2011,734.30

Nominal GDP4.65.76.25.36.05.93.23.44.87.0

Real GDP2.53.74.54.24.53.70.81.62.74.2

Sheet2

Sheet3

Characteristics of Recent US inflationLow levelNon-uniformImpact of dollar exchange rate/weaknesses in foreign economies in the 1990s; a characteristic of globalization in the output marketsRecent impact of the price of Oil

Impact of InflationMenu costsRedistribution of wealthInstability of relative pricesCurrency value the law of one price for internationally traded goodsIncreased costs associated with forward looking financial arraignments

Sources of InflationTight labor marketOverheated economy: US in the late 1990sStrong Monetary ExpansionGermany in the 1920s; Russia in the early 1990sRapid increases in input costs (other than labor)US economy today and the price of OilCurrency depreciationRecent dollar depreciation, particularly against the currency of China

Short international comparison

Sheet1

Inflation, consumer prices (annual %) 2000, selected high income countries, source: World Bank

Australia4.48Japan-0.67Aruba4.04

Austria2.35Korea, Rep.2.25Bahamas, The1.61

Belgium2.55Luxembourg3.15Bahrain-0.7

Canada2.75Netherlands2.52Cyprus4.14

Denmark2.92New Zealand2.62Hong Kong, China-3.75

Finland3.37Norway3.09Israel1.12

France1.7Portugal2.87Kuwait1.81

Germany1.95Spain3.43Netherlands Antilles5.82

Greece3.15Sweden1Qatar1.68

Iceland5.16Switzerland1.58Singapore1.36

Ireland5.56United Kingdom2.93Slovenia10.85

Italy2.54United States3.38

Sheet2

Sheet3

Evaluating economic activity - UnemploymentDefining labor force, unemployment, labor force participation rateMeasuring unemploymentUS unemployment statistics: www.bls.govStructural and cyclical unemployment

In 2001 EMU included Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxemburg,The Netherlands, Spain, Portugal

Sheet1

Labor Market Conditions in a few selected economies in 2001 (Unemployment Rate is for 2000)

Labor Force (mil)(Females as % of Labor ForceUnemployment Rate

United States146.71146.14.1

United Kingdom29.41844.215.3

Switzerland3.89340.642.7

Russian Federation77.61649.2211.4

Pakistan53.48229.055.9

India460.53332.39..

France26.84945.210

Mexico41.31933.48..

European Monetary Union142.16241.3419.763

Sheet2

Sheet3

Supply - DemandMarketProduct definitionGeographical boundariesDemand: Q = F (P, all other relevant factors)Law of demand: as Price increases quantity demanded decreasesRelevant factorsIncomeNormal: Income increases demand increasesInferior: income increases demand decreasesRelated in consumption goodssubstitutes: Px increases demand for Y increasesMARTA and GSU parkingComplements: Px increases demand for Y decreasesGSU parking and gasoline useAnd many other factorsInteresting demand functions:Vertical demand: no price sensitivityGasoline demand in the short-runYour demand for this class if you are one class away from graduation

Supply: Q = F (P, all other relevant factors)Law of supply: as Price increases quantity supplied increasesRelevant factorsCost of productionCost of factors of productionWages, interest rateProduction technologyProductivity and cost of productionRelated in production goodsSubstitutes in productionSame resources can be used to produce either goodCondos versus single family homesComplements in productionSupply - Demand

Market equilibrium(private goods with no externalities)Quantity demanded = quantity suppliedMarket clearingNo excess supply or shortageProperties of the Market EquilibriumStabilityEfficiency:Welfare to societyConsumer surplusProducer surplus

ForExDefining the Market:Institutions facilitating the market:Major Private BanksCentral Banks

Market Participants:Banks, Central Banks, Corporations, Investors, even consumers.

Brief History of the International Monetary System

Gold Standard: 1880 - 1914Dates of adoption of a gold standard1695: United Kingdom at 1 to 113 grains (7.32g) of gold. 1818: Netherlands at 1 guilder to 0.60561g gold 1854: Portugal at 1000 reis to 1.62585g gold 1871: Germany at 2790 Goldmarks to 1kg gold 1873: Latin Monetary Union (Belgium, Italy, Switzerland, France) at 31 francs to 9g gold 1873: United States de facto at 20.67 dollars to 1troy oz 1875: Scandinavian monetary union: (Denmark, Norway and Sweden) at 2480 kroner to 1kg gold 1876: France internally 1876: Spain at 31 pesetas to 9g gold 1878: Finland at 31 marks to 9g gold 1879: Austria 1893: Russia at 31 Roubles to 24g gold 1897: Japan at 1 yen to 1.5g gold

Price StabilitySimplified conversionNo Future markets

1918-1939Great Depression and lack of international cooperation1925 -1931 UK operates on Gold StandardUS remains on Gold Standard till 1933Fixed exchange system

Post WWII eraBretton WoodsIMF and the Gold Exchange StandardGold Exchange StandardFixed system with limited (1% allowable adjustments)Dollar is convertible into gold at 35 USD per 1 Oz Very few monetary reforms are undertaken by member states1950s 1960sAugust of 1971 USD is no longer a convertible currencyThe Smithsonian Conference of December of 197138.02 USD = 1 ozDollar remains inconvertibleIncreased allowable adjustment to 2.25%March of 1973 FLOAT begins

Spot markethttp://www.federalreserve.gov/releases/h10/Update/default.htmAsk and Bid prices and the spreadAsk Banks asking (banks sales price)Bid Banks purchase priceSpread return to the market maker, in this case the bankConsider the following rouble quote: Ask Price: $0.0425; Bid Price: $0.0420Alignment of exchange ratesArbitrageSimple setting (2 or more currencies): Consider two banks quoting the rouble: Bank I: $0.0425 - $0.0430. Bank II: $0.0435 - $0.0440Price difference falling within the spreadSetting 2: implied exchange rate (3 or more currencies):Consider tw banks providing the following quotes:Bank I: Between Rouble and Dollar: R1 = $0.0425Between Rouble and Euro: R1 = EUR 0.030Implied USD/EUR rate is: USD1 = 0.7059Bank IIBetween Rouble and Dollar: R1 = $0.0425Between Rouble and Euro: R1 = EUR 0.031Implied USD/EUR rate is: USD1 = EUR0.7294Are profits from arbitrage possible?

Currency Index: USD Index by the FED

USD weightsSource: FED

Source: FED

Recent performance of the USD$/EuroSource: FederalReserve.gov: http://www.federalreserve.gov/releases/h10/Hist/

Chart1

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1.1695

1.1743

1.1686

1.1764

1.1767

1.183

1.1843

1.1812

1.171

1.1678

1.1616

1.1548

1.1498

1.1592

1.1429

1.1423

1.1502

1.158

1.1524

1.1503

1.1341

1.1265

1.1311

1.139

1.1304

1.1298

1.1233

1.1209

1.1164

1.1239

1.1346

1.1325

1.1484

1.1441

1.1513

1.1497

1.1466

1.1367

1.1231

1.1252

1.1337

1.1349

1.1357

1.139

1.1321

1.1349

1.1304

1.1317

1.1249

1.1255

1.1138

1.1117

1.1104

1.0976

1.0871

1.0892

1.0893

1.0906

1.0896

1.0986

1.0872

1.0845

1.0899

1.1073

1.1124

1.119

1.1195

1.1186

1.1307

1.1304

1.1166

1.1239

1.124

1.1346

1.1468

1.1487

1.1472

1.1484

1.1482

1.1578

1.165

1.1708

1.1717

1.1596

1.1706

1.1784

1.1805

1.1695

1.1812

1.1724

1.1652

1.1665

1.163

1.1671

1.1676

1.1805

1.1795

1.1833

1.1762

1.1689

1.1673

1.1694

1.1609

1.1454

1.1497

1.1473

1.1417

1.1505

1.1515

1.1647

1.1711

1.1743

1.1744

1.1893

1.1909

1.1895

1.1913

1.1768

1.1785

1.1918

1.1995

1.1956

1.2084

1.2093

1.2077

1.2157

1.2217

1.2229

1.2215

1.2164

1.2284

1.229

1.2328

1.2381

1.2376

1.238

1.2415

1.2406

1.2464

1.2441

1.2485

1.2521

1.2597

1.2592

1.2679

1.2773

1.2665

1.2772

1.2853

1.2802

1.2735

1.2726

1.2588

1.2395

1.2584

1.2617

1.2717

1.261

1.2552

1.2643

1.262

1.2389

1.2452

1.2426

1.2561

1.2552

1.2606

1.2694

1.2672

1.2727

1.2815

1.2807

1.2751

1.2848

1.2812

1.2685

1.2563

1.2569

1.2692

1.2503

1.2444

1.2441

1.2431

1.2212

1.2088

1.2225

1.2401

1.2371

1.2428

1.2226

1.2268

1.2191

1.2243

1.227

1.2197

1.2392

1.2269

1.2368

1.2311

1.2213

1.217

1.2092

1.2141

1.2202

1.2292

1.2358

1.2109

1.2008

1.2089

1.2171

1.2088

1.2102

1.2068

1.1923

1.194

1.1914

1.2025

1.2019

1.191

1.1853

1.1861

1.1802

1.1851

1.1927

1.183

1.1945

1.1975

1.1937

1.2076

1.2165

1.209

1.1885

1.1834

1.1818

1.1911

1.1801

1.1874

1.2009

1.1971

1.2015

1.1926

1.2009

1.1978

1.2107

1.2102

1.2274

1.2217

1.221

1.225

1.2205

1.2258

1.232

1.2273

1.2097

1.211

1.2011

1.2073

1.2139

1.2006

1.204

1.2118

1.211

1.2092

1.209

1.217

1.2145

1.2193

1.2124

1.2179

1.2158

1.2307

1.229

1.2384

1.239

1.2388

1.2409

1.2302

1.2385

1.2373

1.2437

1.2431

1.2377

1.2224

1.2273

1.2122

1.2135

1.2056

1.2046

1.207

1.2032

1.2034

1.2051

1.2057

1.205

1.2272

1.2261

1.2306

1.2222

1.2224

1.2354

1.2333

1.2329

1.2299

1.2368

1.2324

1.2196

1.2099

1.209

1.2084

1.2025

1.2049

1.2183

1.2179

1.2164

1.2052

1.2093

1.2164

1.2189

1.2282

1.2251

1.2268

1.2144

1.2154

1.2174

1.2172

1.2264

1.2261

1.2298

1.2256

1.2307

1.2306

1.2308

1.2417

1.24

1.2274

1.2316

1.2298

1.2286

1.2418

1.232

1.2271

1.2393

1.2478

1.252

1.2515

1.2627

1.2622

1.2639

1.2783

1.2758

1.2725

1.2759

1.2746

1.2741

1.2703

1.2787

1.2883

1.2938

1.2936

1.293

1.2925

1.2973

1.2944

1.2979

1.3031

1.2982

1.3059

1.3048

1.309

1.3162

1.3288

1.3286

1.3259

1.3308

1.3268

1.339

1.3431

1.3437

1.3252

1.3274

1.3224

1.3309

1.328

1.3429

1.3287

1.3295

1.3396

1.3377

1.339

1.3491

1.3536

1.3625

1.3621

1.3568

1.3623

1.3538

1.3476

1.3295

1.3292

1.3187

1.3062

1.3109

1.3161

1.3281

1.3207

1.3106

1.3043

1.3036

1.2959

1.3049

1.3041

1.2954

1.3081

1.3032

1.3033

1.3049

1.3017

1.3015

1.2959

1.2927

1.2773

1.2783

1.2797

1.2882

1.2864

1.2981

1.2986

1.2994

1.3083

1.3075

1.323

1.3208

1.3205

1.3195

1.3274

1.3189

1.3127

1.313

1.3244

1.3203

1.3342

1.3384

1.3409

1.3465

1.3346

1.3315

1.3423

1.3373

1.3311

1.3165

1.321

1.3005

1.2957

1.2954

1.2877

1.2913

1.2944

1.2969

1.2896

1.2838

1.2842

1.2868

1.2906

1.2912

1.2972

1.2873

1.2918

1.2819

1.2928

1.3037

1.3034

1.308

1.3093

1.3068

1.2984

1.2964

1.2938

1.2916

1.2919

1.2857

1.2889

1.2936

1.2936

1.2832

1.2839

1.2877

1.2803

1.2706

1.2645

1.263

1.2644

1.266

1.2628

1.2553

1.2575

1.2588

1.2602

1.2517

1.2568

1.2349

1.2232

1.2266

1.2227

1.2268

1.2277

1.232

1.2216

1.2127

1.2035

1.2038

1.2106

1.2089

1.224

1.214

1.2134

1.213

1.2054

1.2088

1.2152

1.2078

1.2101

1.2098

1.1957

1.1917

1.1918

1.1928

1.1934

1.2066

1.22

1.209

1.2089

1.2037

1.2077

1.2001

1.2046

1.2113

1.2079

1.2054

1.2007

1.2048

1.2121

1.2129

1.2195

1.2209

1.2337

1.2383

1.2327

1.2361

1.2347

1.2345

1.2434

1.2428

1.2362

1.2342

1.229

1.2178

1.2147

1.2235

1.2213

1.2239

1.2311

1.2324

1.2248

1.2204

1.233

1.2447

1.2538

1.2483

1.2439

1.24

1.2433

1.2288

1.2263

1.2282

1.2216

1.2214

1.2153

1.2177

1.2208

1.2153

1.2077

1.2036

1.2011

1.2016

1.202

1.2058

1.1914

1.1918

1.1984

1.2133

1.2115

1.2015

1.204

1.1938

1.2073

1.204

1.1939

1.1988

1.1982

1.1958

1.1998

1.2099

1.2082

1.2148

1.2089

1.1995

1.1998

1.2067

1.1971

1.1828

1.1795

1.1773

1.1748

1.174

1.1667

1.1695

1.1672

1.1706

1.1741

1.1734

1.1737

1.1799

1.1724

1.1804

1.1786

1.179

1.1702

1.1699

1.1787

1.1784

1.1722

1.183

1.1824

1.1969

1.1926

1.2041

1.1965

1.2012

1.1996

1.1848

1.1816

1.1883

1.1857

1.1856

1.1875

1.1846

1.1842

1.198

1.2091

1.2101

1.2148

1.2064

1.2063

1.2135

1.2035

1.2103

1.2073

1.2083

1.211

1.2101

1.2276

1.2287

1.2252

1.2229

1.213

1.2091

1.2158

1.2092

1.21

1.2021

1.1971

1.1974

1.1935

1.1963

1.192

1.1905

1.1895

1.1884

1.1882

1.1906

1.1912

1.1905

1.1923

1.1882

1.186

1.1925

1.1899

1.2003

1.2028

1.2002

1.1888

1.1914

1.192

1.1886

1.1942

1.2025

1.2045

1.2151

1.2197

1.2168

1.2079

1.2095

1.1984

1.2034

1.2015

1.2078

1.203

1.2132

1.2139

1.2124

1.2258

1.2272

1.2216

1.2109

1.2091

1.2125

1.2107

1.2107

1.2106

1.2267

1.2274

1.2345

1.2326

1.234

1.2373

1.2412

1.2464

1.2525

1.2624

1.2607

1.2644

1.2639

1.2684

1.2733

1.272

1.2747

1.2799

1.2855

1.2888

1.2826

1.2817

1.2722

1.2795

1.275

1.285

1.2844

1.2747

1.2777

1.2739

1.2868

1.2833

1.2824

1.2912

1.2953

1.2828

1.2799

1.2648

1.2636

1.2587

1.2574

1.2631

1.2616

1.2623

1.2577

1.2568

1.2665

1.2582

1.2522

1.2554

1.2589

1.2532

1.2534

1.2779

1.2793

1.2726

1.2757

1.2822

1.2751

1.2754

1.2706

1.2673

1.2641

1.2529

1.25

1.256

1.2639

1.2684

1.263

1.2576

1.2628

1.2732

1.2748

1.2764

1.2778

1.2798

1.2779

1.2894

1.2867

1.2839

1.2888

1.2765

1.2757

1.2735

1.2788

1.2864

1.287

1.281

1.2914

1.2804

1.2794

1.276

1.2767

1.2784

1.2768

1.2825

1.2793

1.2833

1.281

1.2787

1.2757

1.2673

1.2699

1.2693

1.2708

1.2736

1.2648

1.2671

1.2683

1.2701

1.273

1.2796

1.2747

1.2687

1.2699

1.2697

1.2687

1.2744

1.2727

1.2687

1.2687

1.26

1.2541

1.2547

1.2537

1.2502

1.2518

1.2564

1.2516

1.2594

1.2613

1.2544

1.2565

1.2591

1.2669

1.2725

1.2717

1.2773

1.2771

1.278

1.2705

1.2715

1.2806

1.2775

1.2835

1.2861

1.281

1.2812

1.2808

1.2808

1.2823

1.281

1.2824

1.2928

1.3081

1.312

1.3162

1.3146

1.3261

1.3316

1.3327

1.3327

1.3307

1.3296

1.3215

1.3223

1.3233

1.3215

1.3174

1.3095

1.3073

1.3194

1.3183

1.3175

1.3131

1.3132

1.3125

1.3158

1.3197

1.3286

1.3169

1.3094

1.3005

1.3023

1.2995

1.294

1.2904

1.2926

1.2918

1.2948

1.2942

1.2968

1.2957

1.3025

1.2964

1.298

1.2909

1.2948

1.2954

1.2998

1.3021

1.296

1.2933

1.2969

1.302

1.3034

1.3005

1.2962

1.3024

1.3126

1.314

1.3137

1.3134

1.3126

1.3134

1.3164

1.3159

1.3246

1.323

1.3173

1.3182

1.3094

1.3108

1.3148

1.3129

1.3118

1.3186

1.3199

1.3227

1.3249

1.3307

1.3299

1.3291

1.3305

1.3359

1.3302

1.3336

1.3357

1.3331

1.3336

1.3374

1.3374

1.3363

1.3364

1.3426

1.338

1.3367

1.3436

1.3436

1.3484

1.3518

1.355

1.3569

1.3574

1.3605

1.3601

1.358

1.3622

1.3647

1.359

1.3625

1.366

1.36

1.3598

1.3566

1.3587

1.3616

1.3532

1.3549

1.3512

1.3519

1.3544

1.3603

1.3522

1.3494

1.3511

1.3457

1.3464

1.3482

1.3429

1.3452

1.3483

1.3419

1.3453

1.344

1.3488

1.3526

1.3492

1.3456

1.3359

1.3359

1.3325

1.3295

1.3311

1.3365

1.3401

1.3416

1.3426

1.3399

1.3438

1.345

1.3468

1.3433

1.3466

1.352

1.3627

1.3615

1.3592

1.3626

1.3623

1.3714

1.3757

1.3776

1.3788

1.3785

1.3782

1.3808

1.3811

1.3831

1.3817

1.3824

1.3711

1.373

1.3647

1.3681

1.3711

1.3682

1.3693

1.3785

1.3789

1.3747

1.3808

1.3701

1.3686

1.3624

1.3581

1.3479

1.3402

1.3492

1.3468

1.3483

1.3535

1.356

1.3645

1.3645

1.3626

1.3675

1.3648

1.3641

1.3641

1.3606

1.3669

1.3697

1.3772

1.3794

1.3837

1.3904

1.3885

1.3848

1.386

1.3869

1.395

1.4092

1.4076

1.4086

1.4128

1.4126

1.4138

1.4219

1.4229

1.4163

1.4135

1.4128

1.4154

1.4154

1.4092

1.4157

1.4228

1.4168

1.4216

1.4165

1.4208

1.4291

1.4263

1.4138

1.4248

1.4237

1.4299

1.439

1.4405

1.4424

1.4468

1.4435

1.4481

1.4469

1.4555

1.4667

1.4691

1.4665

1.4598

1.467

1.4639

1.4652

1.4658

1.4787

1.4829

1.4829

1.4825

1.4862

1.4817

1.475

1.4766

1.4688

1.4657

1.4759

1.4666

1.4638

1.4664

1.4714

1.4702

1.4702

1.4591

1.4433

1.4369

1.4392

1.4344

1.4353

1.4361

1.4409

1.45

1.4601

1.4718

1.4603

1.4738

1.4736

1.4786

1.4684

1.4717

1.4663

1.474

1.4787

1.4877

1.4842

1.4643

1.469

1.4616

1.4609

1.4574

1.4737

1.4673

1.4789

1.4767

1.4782

1.4841

1.4851

1.4832

1.4638

1.4647

1.4495

1.4505

1.4506

1.4592

1.4569

1.4635

1.4674

1.4742

1.4663

1.4813

1.4825

1.4822

1.4889

1.5132

1.5172

1.5187

1.5195

1.521

1.5282

Sheet1

2006

Current Account

US Exports and income receipts2,096,165

US Imports and income payments-2,818,047

Trade and income flow balance-721,882

Current Account Balance-811,477

Financial Account

US Investment Overseas-1,055,176

Foreign Investment into US1,859,597

Fianancial Account Balance833,183

Capital Account Balance-3,913

Statistical Discreptancy-17,794

Sheet2

3-Jan-00 1.0155

4-Jan-00 1.0309

5-Jan-00 1.0335

6-Jan-00 1.0324

7-Jan-00 1.0294

10-Jan-00 1.0252

11-Jan-00 1.0322

12-Jan-00 1.0281

13-Jan-00 1.0270

14-Jan-00 1.0128

18-Jan-00 1.0121

19-Jan-00 1.0115

20-Jan-00 1.0133

21-Jan-00 1.0100

24-Jan-00 1.0019

25-Jan-00 1.0041

26-Jan-00 1.0011

27-Jan-00 0.9890

28-Jan-00 0.9765

31-Jan-00 0.9757

1-Feb-00 0.9731

2-Feb-00 0.9768

3-Feb-00 0.9887

4-Feb-00 0.9760

7-Feb-00 0.9783

8-Feb-00 0.9862

9-Feb-00 0.9914

10-Feb-00 0.9865

11-Feb-00 0.9847

14-Feb-00 0.9783

15-Feb-00 0.9834

16-Feb-00 0.9842

17-Feb-00 0.9863

18-Feb-00 0.9850

22-Feb-00 1.0060

23-Feb-00 1.0017

24-Feb-00 0.9931

25-Feb-00 0.9763

28-Feb-00 0.9669

29-Feb-00 0.9643

1-Mar-00 0.9700

2-Mar-00 0.9619

3-Mar-00 0.9618

6-Mar-00 0.9603

7-Mar-00 0.9560

8-Mar-00 0.9576

9-Mar-00 0.9684

10-Mar-00 0.9659

13-Mar-00 0.9648

14-Mar-00 0.9644

15-Mar-00 0.9696

16-Mar-00 0.9710

17-Mar-00 0.9694

20-Mar-00 0.9710

21-Mar-00 0.9703

22-Mar-00 0.9608

23-Mar-00 0.9691

24-Mar-00 0.9724

27-Mar-00 0.9645

28-Mar-00 0.9614

29-Mar-00 0.9524

30-Mar-00 0.9594

31-Mar-00 0.9574

3-Apr-00 0.9560

4-Apr-00 0.9588

5-Apr-00 0.9647

6-Apr-00 0.9580

7-Apr-00 0.9590

10-Apr-00 0.9588

11-Apr-00 0.9591

12-Apr-00 0.9551

13-Apr-00 0.9524

14-Apr-00 0.9564

17-Apr-00 0.9550

18-Apr-00 0.9477

19-Apr-00 0.9369

20-Apr-00 0.9376

21-Apr-00 0.9379

24-Apr-00 0.9396

25-Apr-00 0.9265

26-Apr-00 0.9217

27-Apr-00 0.9083

28-Apr-00 0.9089

1-May-00 0.9120

2-May-00 0.9068

3-May-00 0.8891

4-May-00 0.8907

5-May-00 0.8953

8-May-00 0.8950

9-May-00 0.9023

10-May-00 0.9097

11-May-00 0.9021

12-May-00 0.9080

15-May-00 0.9138

16-May-00 0.9053

17-May-00 0.8921

18-May-00 0.8952

19-May-00 0.8946

22-May-00 0.9036

23-May-00 0.9032

24-May-00 0.9096

25-May-00 0.9072

26-May-00 0.9310

30-May-00 0.9314

31-May-00 0.9328

1-Jun-00 0.9307

2-Jun-00 0.9432

5-Jun-00 0.9471

6-Jun-00 0.9570

7-Jun-00 0.9600

8-Jun-00 0.9548

9-Jun-00 0.9526

12-Jun-00 0.9544

13-Jun-00 0.9619

14-Jun-00 0.9590

15-Jun-00 0.9530

16-Jun-00 0.9648

19-Jun-00 0.9622

20-Jun-00 0.9557

21-Jun-00 0.9455

22-Jun-00 0.9398

23-Jun-00 0.9358

26-Jun-00 0.9382

27-Jun-00 0.9444

28-Jun-00 0.9444

29-Jun-00 0.9515

30-Jun-00 0.9545

3-Jul-00 0.9526

5-Jul-00 0.9548

6-Jul-00 0.9527

7-Jul-00 0.9484

10-Jul-00 0.9521

11-Jul-00 0.9497

12-Jul-00 0.9401

13-Jul-00 0.9339

14-Jul-00 0.9374

17-Jul-00 0.9351

18-Jul-00 0.9322

19-Jul-00 0.9237

20-Jul-00 0.9292

21-Jul-00 0.9343

24-Jul-00 0.9314

25-Jul-00 0.9391

26-Jul-00 0.9413

27-Jul-00 0.9331

28-Jul-00 0.9246

31-Jul-00 0.9266

1-Aug-00 0.9228

2-Aug-00 0.9137

3-Aug-00 0.9042

4-Aug-00 0.9075

7-Aug-00 0.9105

8-Aug-00 0.9019

9-Aug-00 0.8991

10-Aug-00 0.9077

11-Aug-00 0.9046

14-Aug-00 0.9037

15-Aug-00 0.9135

16-Aug-00 0.9143

17-Aug-00 0.9152

18-Aug-00 0.9068

21-Aug-00 0.9027

22-Aug-00 0.8965

23-Aug-00 0.8967

24-Aug-00 0.9028

25-Aug-00 0.9024

28-Aug-00 0.9002

29-Aug-00 0.8966

30-Aug-00 0.8924

31-Aug-00 0.8878

1-Sep-00 0.8993

5-Sep-00 0.8876

6-Sep-00 0.8702

7-Sep-00 0.8740

8-Sep-00 0.8664

11-Sep-00 0.8624

12-Sep-00 0.8596

13-Sep-00 0.8640

14-Sep-00 0.8617

15-Sep-00 0.8572

18-Sep-00 0.8523

19-Sep-00 0.8514

20-Sep-00 0.8462

21-Sep-00 0.8558

22-Sep-00 0.8793

25-Sep-00 0.8738

26-Sep-00 0.8815

27-Sep-00 0.8805

28-Sep-00 0.8826

29-Sep-00 0.8837

2-Oct-00 0.8806

3-Oct-00 0.8741

4-Oct-00 0.8726

5-Oct-00 0.8685

6-Oct-00 0.8680

9-Oct-00 ND

10-Oct-00 0.8682

11-Oct-00 0.8715

12-Oct-00 0.8644

13-Oct-00 0.8568

16-Oct-00 0.8489

17-Oct-00 0.8507

18-Oct-00 0.8391

19-Oct-00 0.8406

20-Oct-00 0.8400

23-Oct-00 0.8364

24-Oct-00 0.8364

25-Oct-00 0.8270

26-Oct-00 0.8271

27-Oct-00 0.8406

30-Oct-00 0.8432

31-Oct-00 0.8486

1-Nov-00 0.8584

2-Nov-00 0.8594

3-Nov-00 0.8614

6-Nov-00 0.8584

7-Nov-00 0.8583

8-Nov-00 0.8559

9-Nov-00 0.8574

10-Nov-00 0.8625

13-Nov-00 0.8607

14-Nov-00 0.8573

15-Nov-00 0.8570

16-Nov-00 0.8532

17-Nov-00 0.8516

20-Nov-00 0.8486

21-Nov-00 0.8458

22-Nov-00 0.8423

23-Nov-00 ND

24-Nov-00 0.8382

27-Nov-00 0.8500

28-Nov-00 0.8547

29-Nov-00 0.8577

30-Nov-00 0.8694

1-Dec-00 0.8765

4-Dec-00 0.8875

5-Dec-00 0.8804

6-Dec-00 0.8877

7-Dec-00 0.8891

8-Dec-00 0.8838

11-Dec-00 0.8771

12-Dec-00 0.8775

13-Dec-00 0.8755

14-Dec-00 0.8858

15-Dec-00 0.8981

18-Dec-00 0.8929

19-Dec-00 0.8902

20-Dec-00 0.9058

21-Dec-00 0.9112

22-Dec-00 0.9230

25-Dec-00 ND

26-Dec-00 0.9292

27-Dec-00 0.9304

28-Dec-00 0.9257

29-Dec-00 0.9388

1-Jan-01 ND

2-Jan-01 0.9465

3-Jan-01 0.9473

4-Jan-01 0.9448

5-Jan-01 0.9535

8-Jan-01 0.9486

9-Jan-01 0.9397

10-Jan-01 0.9387

11-Jan-01 0.9520

12-Jan-01 0.9486

15-Jan-01 ND

16-Jan-01 0.9374

17-Jan-01 0.9306

18-Jan-01 0.9446

19-Jan-01 0.9363

22-Jan-01 0.9374

23-Jan-01 0.9389

24-Jan-01 0.9258

25-Jan-01 0.9219

26-Jan-01 0.9213

29-Jan-01 0.9181

30-Jan-01 0.9264

31-Jan-01 0.9308

1-Feb-01 0.9384

2-Feb-01 0.9357

5-Feb-01 0.9395

6-Feb-01 0.9304

7-Feb-01 0.9331

8-Feb-01 0.9184

9-Feb-01 0.9267

12-Feb-01 0.9287

13-Feb-01 0.9204

14-Feb-01 0.9197

15-Feb-01 0.9057

16-Feb-01 0.9162

19-Feb-01 ND

20-Feb-01 0.9096

21-Feb-01 0.9077

22-Feb-01 0.9069

23-Feb-01 0.9095

26-Feb-01 0.9093

27-Feb-01 0.9128

28-Feb-01 0.9212

1-Mar-01 0.9291

2-Mar-01 0.9340

5-Mar-01 0.9289

6-Mar-01 0.9313

7-Mar-01 0.9274

8-Mar-01 0.9281

9-Mar-01 0.9315

12-Mar-01 0.9300

13-Mar-01 0.9148

14-Mar-01 0.9133

15-Mar-01 0.9046

16-Mar-01 0.8929

19-Mar-01 0.8985

20-Mar-01 0.9054

21-Mar-01 0.8970

22-Mar-01 0.8881

23-Mar-01 0.8926

26-Mar-01 0.8955

27-Mar-01 0.8910

28-Mar-01 0.8882

29-Mar-01 0.8807

30-Mar-01 0.8794

2-Apr-01 0.8824

3-Apr-01 0.8930

4-Apr-01 0.9013

5-Apr-01 0.8976

6-Apr-01 0.9002

9-Apr-01 0.9014

10-Apr-01 0.8884

11-Apr-01 0.8856

12-Apr-01 0.8922

13-Apr-01 0.8888

16-Apr-01 0.8862

17-Apr-01 0.8814

18-Apr-01 0.8816

19-Apr-01 0.8909

20-Apr-01 0.9032

23-Apr-01 0.8960

24-Apr-01 0.8946

25-Apr-01 0.8972

26-Apr-01 0.9011

27-Apr-01 0.8924

30-Apr-01 0.8874

1-May-01 0.8937

2-May-01 0.8925

3-May-01 0.8891

4-May-01 0.8934

7-May-01 0.8916

8-May-01 0.8848

9-May-01 0.8845

10-May-01 0.8792

11-May-01 0.8759

14-May-01 0.8748

15-May-01 0.8788

16-May-01 0.8842

17-May-01 0.8828

18-May-01 0.8774

21-May-01 0.8762

22-May-01 0.8657

23-May-01 0.8598

24-May-01 0.8570

25-May-01 0.8577

28-May-01 ND

29-May-01 0.8547

30-May-01 0.8576

31-May-01 0.8455

1-Jun-01 0.8452

4-Jun-01 0.8449

5-Jun-01 0.8504

6-Jun-01 0.8452

7-Jun-01 0.8506

8-Jun-01 0.8505

11-Jun-01 0.8425

12-Jun-01 0.8479

13-Jun-01 0.8536

14-Jun-01 0.8598

15-Jun-01 0.8628

18-Jun-01 0.8610

19-Jun-01 0.8558

20-Jun-01 0.8506

21-Jun-01 0.8544

22-Jun-01 0.8570

25-Jun-01 0.8611

26-Jun-01 0.8623

27-Jun-01 0.8621

28-Jun-01 0.8470

29-Jun-01 0.8474

2-Jul-01 0.8455

3-Jul-01 0.8477

4-Jul-01 ND

5-Jul-01 0.8370

6-Jul-01 0.8465

9-Jul-01 0.8474

10-Jul-01 0.8557

11-Jul-01 0.8614

12-Jul-01 0.8530

13-Jul-01 0.8527

16-Jul-01 0.8549

17-Jul-01 0.8549

18-Jul-01 0.8701

19-Jul-01 0.8690

20-Jul-01 0.8713

23-Jul-01 0.8676

24-Jul-01 0.8752

25-Jul-01 0.8797

26-Jul-01 0.8765

27-Jul-01 0.8749

30-Jul-01 0.8750

31-Jul-01 0.8752

1-Aug-01 0.8793

2-Aug-01 0.8813

3-Aug-01 0.8843

6-Aug-01 0.8802

7-Aug-01 0.8775

8-Aug-01 0.8778

9-Aug-01 0.8886

10-Aug-01 0.8940

13-Aug-01 0.8983

14-Aug-01 0.9025

15-Aug-01 0.9114

16-Aug-01 0.9138

17-Aug-01 0.9165

20-Aug-01 0.9127

21-Aug-01 0.9115

22-Aug-01 0.9194

23-Aug-01 0.9166

24-Aug-01 0.9116

27-Aug-01 0.9098

28-Aug-01 0.9102

29-Aug-01 0.9097

30-Aug-01 0.9154

31-Aug-01 0.9090

3-Sep-01 ND

4-Sep-01 0.8868

5-Sep-01 0.8897

6-Sep-01 0.8943

7-Sep-01 0.9044

10-Sep-01 0.8988

11-Sep-01 ND

12-Sep-01 0.9069

13-Sep-01 0.9089

14-Sep-01 0.9199

17-Sep-01 0.9198

18-Sep-01 0.9233

19-Sep-01 0.9310

20-Sep-01 0.9255

21-Sep-01 0.9099

24-Sep-01 0.9135

25-Sep-01 0.9222

26-Sep-01 0.9231

27-Sep-01 0.9181

28-Sep-01 0.9099

1-Oct-01 0.9159

2-Oct-01 0.9149

3-Oct-01 0.9181

4-Oct-01 0.9141

5-Oct-01 0.9168

8-Oct-01 ND

9-Oct-01 0.9150

10-Oct-01 0.9118

11-Oct-01 0.9008

12-Oct-01 0.9078

15-Oct-01 0.9077

16-Oct-01 0.9094

17-Oct-01 0.9065

18-Oct-01 0.9025

19-Oct-01 0.8987

22-Oct-01 0.8906

23-Oct-01 0.8893

24-Oct-01 0.8925

25-Oct-01 0.8965

26-Oct-01 0.8921

29-Oct-01 0.9037

30-Oct-01 0.9060

31-Oct-01 0.8993

1-Nov-01 0.9044

2-Nov-01 0.9037

5-Nov-01 0.8963

6-Nov-01 0.8975

7-Nov-01 0.8999

8-Nov-01 0.8910

9-Nov-01 0.8935

12-Nov-01 ND

13-Nov-01 0.8811

14-Nov-01 0.8829

15-Nov-01 0.8813

16-Nov-01 0.8849

19-Nov-01 0.8781

20-Nov-01 0.8832

21-Nov-01 0.8781

22-Nov-01 ND

23-Nov-01 0.8770

26-Nov-01 0.8811

27-Nov-01 0.8812

28-Nov-01 0.8863

29-Nov-01 0.8879

30-Nov-01 0.8958

3-Dec-01 0.8897

4-Dec-01 0.8898

5-Dec-01 0.8856

6-Dec-01 0.8916

7-Dec-01 0.8905

10-Dec-01 0.8884

11-Dec-01 0.8904

12-Dec-01 0.8945

13-Dec-01 0.8976

14-Dec-01 0.9044

17-Dec-01 0.9040

18-Dec-01 0.9019

19-Dec-01 0.8997

20-Dec-01 0.8972

21-Dec-01 0.8864

24-Dec-01 0.8773

25-Dec-01 ND

26-Dec-01 0.8778

27-Dec-01 0.8843

28-Dec-01 0.8822

31-Dec-01 0.8901

1-Jan-02 ND

2-Jan-02 0.9031

3-Jan-02 0.8992

4-Jan-02 0.8946

7-Jan-02 0.8931

8-Jan-02 0.8925

9-Jan-02 0.8882

10-Jan-02 0.8925

11-Jan-02 0.8905

14-Jan-02 0.8935

15-Jan-02 0.8913

16-Jan-02 0.8834

17-Jan-02 0.8800

18-Jan-02 0.8844

21-Jan-02 ND

22-Jan-02 0.8838

23-Jan-02 0.8836

24-Jan-02 0.8782

25-Jan-02 0.8655

28-Jan-02 0.8605

29-Jan-02 0.8643

30-Jan-02 0.8648

31-Jan-02 0.8594

1-Feb-02 0.8613

4-Feb-02 0.8685

5-Feb-02 0.8672

6-Feb-02 0.8693

7-Feb-02 0.8690

8-Feb-02 0.8727

11-Feb-02 0.8778

12-Feb-02 0.8768

13-Feb-02 0.8730

14-Feb-02 0.8713

15-Feb-02 0.8730

18-Feb-02 ND

19-Feb-02 0.8764

20-Feb-02 0.8705

21-Feb-02 0.8712

22-Feb-02 0.8757

25-Feb-02 0.8713

26-Feb-02 0.8682

27-Feb-02 0.8642

28-Feb-02 0.8658

1-Mar-02 0.8652

4-Mar-02 0.8705

5-Mar-02 0.8699

6-Mar-02 0.8772

7-Mar-02 0.8795

8-Mar-02 0.8752

11-Mar-02 0.8768

12-Mar-02 0.8759

13-Mar-02 0.8770

14-Mar-02 0.8816

15-Mar-02 0.8823

18-Mar-02 0.8826

19-Mar-02 0.8805

20-Mar-02 0.8836

21-Mar-02 0.8836

22-Mar-02 0.8791

25-Mar-02 0.8768

26-Mar-02 0.8767

27-Mar-02 0.8726

28-Mar-02 0.8711

29-Mar-02 0.8717

1-Apr-02 0.8806

2-Apr-02 0.8782

3-Apr-02 0.8804

4-Apr-02 0.8779

5-Apr-02 0.8805

8-Apr-02 0.8750

9-Apr-02 0.8793

10-Apr-02 0.8794

11-Apr-02 0.8829

12-Apr-02 0.8792

15-Apr-02 0.8802

16-Apr-02 0.8830

17-Apr-02 0.8885

18-Apr-02 0.8898

19-Apr-02 0.8893

22-Apr-02 0.8877

23-Apr-02 0.8897

24-Apr-02 0.8915

25-Apr-02 0.8978

26-Apr-02 0.8980

29-Apr-02 0.9028

30-Apr-02 0.9002

1-May-02 0.9062

2-May-02 0.9032

3-May-02 0.9133

6-May-02 0.9166

7-May-02 0.9148

8-May-02 0.9040

9-May-02 0.9088

10-May-02 0.9116

13-May-02 0.9107

14-May-02 0.9022

15-May-02 0.9074

16-May-02 0.9105

17-May-02 0.9206

20-May-02 0.9213

21-May-02 0.9191

22-May-02 0.9265

23-May-02 0.9233

24-May-02 0.9220

27-May-02 ND

28-May-02 0.9285

29-May-02 0.9313

30-May-02 0.9373

31-May-02 0.9339

3-Jun-02 0.9390

4-Jun-02 0.9424

5-Jun-02 0.9391

6-Jun-02 0.9457

7-Jun-02 0.9449

10-Jun-02 0.9446

11-Jun-02 0.9445

12-Jun-02 0.9473

13-Jun-02 0.9440

14-Jun-02 0.9448

17-Jun-02 0.9442

18-Jun-02 0.9483

19-Jun-02 0.9544

20-Jun-02 0.9646

21-Jun-02 0.9705

24-Jun-02 0.9786

25-Jun-02 0.9692

26-Jun-02 0.9825

27-Jun-02 0.9885

28-Jun-02 0.9856

1-Jul-02 0.9893

2-Jul-02 0.9840

3-Jul-02 0.9816

4-Jul-02 ND

5-Jul-02 0.9730

8-Jul-02 0.9869

9-Jul-02 0.9938

10-Jul-02 0.9890

11-Jul-02 0.9927

12-Jul-02 0.9904

15-Jul-02 1.0072

16-Jul-02 1.0087

17-Jul-02 1.0078

18-Jul-02 1.0067

19-Jul-02 1.0156

22-Jul-02 1.0098

23-Jul-02 0.9933

24-Jul-02 0.9945

25-Jul-02 0.9997

26-Jul-02 0.9882

29-Jul-02 0.9779

30-Jul-02 0.9879

31-Jul-02 0.9796

1-Aug-02 0.9843

2-Aug-02 0.9882

5-Aug-02 0.9846

6-Aug-02 0.9640

7-Aug-02 0.9738

8-Aug-02 0.9653

9-Aug-02 0.9714

12-Aug-02 0.9778

13-Aug-02 0.9787

14-Aug-02 0.9867

15-Aug-02 0.9816

16-Aug-02 0.9836

19-Aug-02 0.9775

20-Aug-02 0.9779

21-Aug-02 0.9796

22-Aug-02 0.9697

23-Aug-02 0.9726

26-Aug-02 0.9731

27-Aug-02 0.9814

28-Aug-02 0.9820

29-Aug-02 0.9829

30-Aug-02 0.9806

2-Sep-02 ND

3-Sep-02 0.9959

4-Sep-02 0.9923

5-Sep-02 0.9911

6-Sep-02 0.9843

9-Sep-02 0.9817

10-Sep-02 0.9752

11-Sep-02 0.9724

12-Sep-02 0.9761

13-Sep-02 0.9743

16-Sep-02 0.9723

17-Sep-02 0.9685

18-Sep-02 0.9789

19-Sep-02 0.9817

20-Sep-02 0.9839

23-Sep-02 0.9822

24-Sep-02 0.9815

25-Sep-02 0.9797

26-Sep-02 0.9755

27-Sep-02 0.9772

30-Sep-02 0.9879

1-Oct-02 0.9859

2-Oct-02 0.9842

3-Oct-02 0.9871

4-Oct-02 0.9821

7-Oct-02 0.9816

8-Oct-02 0.9796

9-Oct-02 0.9868

10-Oct-02 0.9861

11-Oct-02 0.9854

14-Oct-02 ND

15-Oct-02 0.9810

16-Oct-02 0.9824

17-Oct-02 0.9718

18-Oct-02 0.9708

21-Oct-02 0.9732

22-Oct-02 0.9782

23-Oct-02 0.9772

24-Oct-02 0.9742

25-Oct-02 0.9767

28-Oct-02 0.9843

29-Oct-02 0.9851

30-Oct-02 0.9835

31-Oct-02 0.9881

1-Nov-02 0.9971

4-Nov-02 0.9953

5-Nov-02 0.9994

6-Nov-02 0.9974

7-Nov-02 1.0092

8-Nov-02 1.0139

11-Nov-02 ND

12-Nov-02 1.0105

13-Nov-02 1.0060

14-Nov-02 1.0034

15-Nov-02 1.0082

18-Nov-02 1.0083

19-Nov-02 1.0107

20-Nov-02 1.0024

21-Nov-02 0.9984

22-Nov-02 0.9966

25-Nov-02 0.9937

26-Nov-02 0.9913

27-Nov-02 0.9895

28-Nov-02 ND

29-Nov-02 0.9932

2-Dec-02 0.9927

3-Dec-02 0.9968

4-Dec-02 0.9999

5-Dec-02 0.9989

6-Dec-02 1.0081

9-Dec-02 1.0088

10-Dec-02 1.0073

11-Dec-02 1.0083

12-Dec-02 1.0189

13-Dec-02 1.0226

16-Dec-02 1.0210

17-Dec-02 1.0267

18-Dec-02 1.0254

19-Dec-02 1.0217

20-Dec-02 1.0268

23-Dec-02 1.0217

24-Dec-02 1.0305

25-Dec-02 ND

26-Dec-02 1.0358

27-Dec-02 1.0411

30-Dec-02 1.0460

31-Dec-02 1.0485

1-Jan-03 ND

2-Jan-03 1.0361

3-Jan-03 1.0418

6-Jan-03 1.0469

7-Jan-03 1.0419

8-Jan-03 1.0447

9-Jan-03 1.0467

10-Jan-03 1.0535

13-Jan-03 1.0535

14-Jan-03 1.0571

15-Jan-03 1.0576

16-Jan-03 1.0569

17-Jan-03 1.0660

20-Jan-03 ND

21-Jan-03 1.0677

22-Jan-03 1.0729

23-Jan-03 1.0767

24-Jan-03 1.0825

27-Jan-03 1.0838

28-Jan-03 1.0833

29-Jan-03 1.0861

30-Jan-03 1.0776

31-Jan-03 1.0739

3-Feb-03 1.0761

4-Feb-03 1.0875

5-Feb-03 1.0842

6-Feb-03 1.0828

7-Feb-03 1.0801

10-Feb-03 1.0740

11-Feb-03 1.0747

12-Feb-03 1.0716

13-Feb-03 1.0834

14-Feb-03 1.0799

17-Feb-03 ND

18-Feb-03 1.0708

19-Feb-03 1.0744

20-Feb-03 1.0821

21-Feb-03 1.0787

24-Feb-03 1.0783

25-Feb-03 1.0782

26-Feb-03 1.0797

27-Feb-03 1.0763

28-Feb-03 1.0779

3-Mar-03 1.0835

4-Mar-03 1.0883

5-Mar-03 1.0967

6-Mar-03 1.0997

7-Mar-03 1.1014

10-Mar-03 1.1062

11-Mar-03 1.1028

12-Mar-03 1.1023

13-Mar-03 1.0870

14-Mar-03 1.0725

17-Mar-03 1.0606

18-Mar-03 1.0624

19-Mar-03 1.0590

20-Mar-03 1.0613

21-Mar-03 1.0545

24-Mar-03 1.0644

25-Mar-03 1.0673

26-Mar-03 1.0677

27-Mar-03 1.0708

28-Mar-03 1.0762

31-Mar-03 1.0900

1-Apr-03 1.0904

2-Apr-03 1.0765

3-Apr-03 1.0736

4-Apr-03 1.0711

7-Apr-03 1.0621

8-Apr-03 1.0684

9-Apr-03 1.0722

10-Apr-03 1.0803

11-Apr-03 1.0751

14-Apr-03 1.0773

15-Apr-03 1.0801

16-Apr-03 1.0872

17-Apr-03 1.0907

18-Apr-03 1.0882

21-Apr-03 1.0857

22-Apr-03 1.0966

23-Apr-03 1.0949

24-Apr-03 1.1039

25-Apr-03 1.1040

28-Apr-03 1.0999

29-Apr-03 1.1010

30-Apr-03 1.1180

1-May-03 1.1238

2-May-03 1.1200

5-May-03 1.1271

6-May-03 1.1354

7-May-03 1.1340

8-May-03 1.1453

9-May-03 1.1498

12-May-03 1.1557

13-May-03 1.1499

14-May-03 1.1498

15-May-03 1.1457

16-May-03 1.1542

19-May-03 1.1686

20-May-03 1.1685

21-May-03 1.1707

22-May-03 1.1700

23-May-03 1.1786

26-May-03 ND

27-May-03 1.1853

28-May-03 1.1742

29-May-03 1.1835

30-May-03 1.1766

2-Jun-03 1.1744

3-Jun-03 1.1702

4-Jun-03 1.1708

5-Jun-03 1.1870

6-Jun-03 1.1695

9-Jun-03 1.1743

10-Jun-03 1.1686

11-Jun-03 1.1764

12-Jun-03 1.1767

13-Jun-03 1.1830

16-Jun-03 1.1843

17-Jun-03 1.1812

18-Jun-03 1.1710

19-Jun-03 1.1678

20-Jun-03 1.1616

23-Jun-03 1.1548

24-Jun-03 1.1498

25-Jun-03 1.1592

26-Jun-03 1.1429

27-Jun-03 1.1423

30-Jun-03 1.1502

1-Jul-03 1.1580

2-Jul-03 1.1524

3-Jul-03 1.1503

4-Jul-03 ND

7-Jul-03 1.1341

8-Jul-03 1.1265

9-Jul-03 1.1311

10-Jul-03 1.1390

11-Jul-03 1.1304

14-Jul-03 1.1298

15-Jul-03 1.1233

16-Jul-03 1.1209

17-Jul-03 1.1164

18-Jul-03 1.1239

21-Jul-03 1.1346

22-Jul-03 1.1325

23-Jul-03 1.1484

24-Jul-03 1.1441

25-Jul-03 1.1513

28-Jul-03 1.1497

29-Jul-03 1.1466

30-Jul-03 1.1367

31-Jul-03 1.1231

1-Aug-03 1.1252

4-Aug-03 1.1337

5-Aug-03 1.1349

6-Aug-03 1.1357

7-Aug-03 1.1390

8-Aug-03 1.1321

11-Aug-03 1.1349

12-Aug-03 1.1304

13-Aug-03 1.1317

14-Aug-03 1.1249

15-Aug-03 1.1255

18-Aug-03 1.1138

19-Aug-03 1.1117

20-Aug-03 1.1104

21-Aug-03 1.0976

22-Aug-03 1.0871

25-Aug-03 1.0892

26-Aug-03 1.0893

27-Aug-03 1.0906

28-Aug-03 1.0896

29-Aug-03 1.0986

1-Sep-03 ND

2-Sep-03 1.0872

3-Sep-03 1.0845

4-Sep-03 1.0899

5-Sep-03 1.1073

8-Sep-03 1.1124

9-Sep-03 1.1190

10-Sep-03 1.1195

11-Sep-03 1.1186

12-Sep-03 1.1307

15-Sep-03 1.1304

16-Sep-03 1.1166

17-Sep-03 1.1239

18-Sep-03 1.1240

19-Sep-03 1.1346

22-Sep-03 1.1468

23-Sep-03 1.1487

24-Sep-03 1.1472

25-Sep-03 1.1484

26-Sep-03 1.1482

29-Sep-03 1.1578

30-Sep-03 1.1650

1-Oct-03 1.1708

2-Oct-03 1.1717

3-Oct-03 1.1596

6-Oct-03 1.1706

7-Oct-03 1.1784

8-Oct-03 1.1805

9-Oct-03 1.1695

10-Oct-03 1.1812

13-Oct-03 ND

14-Oct-03 1.1724

15-Oct-03 1.1652

16-Oct-03 1.1665

17-Oct-03 1.1630

20-Oct-03 1.1671

21-Oct-03 1.1676

22-Oct-03 1.1805

23-Oct-03 1.1795

24-Oct-03 1.1833

27-Oct-03 1.1762

28-Oct-03 1.1689

29-Oct-03 1.1673

30-Oct-03 1.1694

31-Oct-03 1.1609

3-Nov-03 1.1454

4-Nov-03 1.1497

5-Nov-03 1.1473

6-Nov-03 1.1417

7-Nov-03 1.1505

10-Nov-03 1.1515

11-Nov-03 ND

12-Nov-03 1.1647

13-Nov-03 1.1711

14-Nov-03 1.1743

17-Nov-03 1.1744

18-Nov-03 1.1893

19-Nov-03 1.1909

20-Nov-03 1.1895

21-Nov-03 1.1913

24-Nov-03 1.1768

25-Nov-03 1.1785

26-Nov-03 1.1918

27-Nov-03 ND

28-Nov-03 1.1995

1-Dec-03 1.1956

2-Dec-03 1.2084

3-Dec-03 1.2093

4-Dec-03 1.2077

5-Dec-03 1.2157

8-Dec-03 1.2217

9-Dec-03 1.2229

10-Dec-03 1.2215

11-Dec-03 1.2164

12-Dec-03 1.2284

15-Dec-03 1.2290

16-Dec-03 1.2328

17-Dec-03 1.2381

18-Dec-03 1.2376

19-Dec-03 1.2380

22-Dec-03 1.2415

23-Dec-03 1.2406

24-Dec-03 1.2464

25-Dec-03 ND

26-Dec-03 1.2441

29-Dec-03 1.2485

30-Dec-03 1.2521

31-Dec-03 1.2597

1-Jan-04 ND

2-Jan-04 1.2592

5-Jan-04 1.2679

6-Jan-04 1.2773

7-Jan-04 1.2665

8-Jan-04 1.2772

9-Jan-04 1.2853

12-Jan-04 1.2802

13-Jan-04 1.2735

14-Jan-04 1.2726

15-Jan-04 1.2588

16-Jan-04 1.2395

19-Jan-04 ND

20-Jan-04 1.2584

21-Jan-04 1.2617

22-Jan-04 1.2717

23-Jan-04 1.2610

26-Jan-04 1.2552

27-Jan-04 1.2643

28-Jan-04 1.2620

29-Jan-04 1.2389

30-Jan-04 1.2452

2-Feb-04 1.2426

3-Feb-04