So, dollar is still under pressure. We shall remind that after the publication of the US FRS FOMC minutes, which formulations do not exclude an opportunity of end of process of interest rates increase in the USA.

Yesterday publication of factory orders index for November in the USA did not surprise – the indicator made +2.5 % for a month, at the forecast  +2.6 % for a month. And the previous value has been revised from +2.2 % to +1.7 % for a month.

As a result all this promoted closing of long positions on the dollar rate therefore the dollar exchange rate has continued falling against the basic currencies.

As a result the euro/dollar rate has grown on 130 points and has reached a mark 1.2142, maximal for the last two weeks. And the dollar/franc rate, having continued decrease, has reached a mark 1.2733 therefore the pair has achieved the bottom border of the big day time channel started at the beginning of 2005.

Its overcoming will be an early signal of significant future dip which depth can be seen at the levels close to 1.2250.

Today publications on economy of the USA, despite its positive, could not also support noticeably a rate of the American currency.

Let's remind that as the US Department of Labor has informed initial jobless claims decreased to 291.000 for a week ended on December, 31st, 2005, from 326.000 a week earlier.

Data for the last week have been revised from 322.000 claims. Economists supposed that the initial jobless claims would make by 325.000.

For four weeks the average number of initial jobless claims decreased to 316.750 from 326.000.

Last week the official sources informed about 325.000 claims. For December, 24th the general number of jobless rose to 2,718 million from 2,705 million.

The market’s participants were also interested in business indexes in service sphere of Eurozone’s countries. So:

The business index in service sphere in Italy made 56.2 for December. The previous value 54.6).

The business index in service sphere in France made 58.7 for December. The forecast was 56.5, and the previous value 56.5.

The business index in service sphere in Germany has made 56.0 for December. The previous value 54.8.

The business index in service sphere in the UK made 57.9 for December, the highest value of the index since April, 2004.

And over Europe (12) as a whole the business index in service sphere made 56.8 for December. The previous value 55.2.

Thus for November the retails index in Europe (12) made -0.1 % for a month, +0.3 % for a year. The previous value has been revised from +0.5 % to +0.2 % for a month, from +0.4 % to +0.2 % for a year.

For November the industrial prices index in Europe (12) made-0.2 % for a month, +4.2 % for a year. The previous value +0.6 % for a month, +4.2 % for a year.

Let's notice that in spite of the fact that for December the ISM index in service sphere was a little above expectations, the dollar exchange rate has not felt an appreciable support of it.

So, the indicator made 59.8, at the forecast 59.4, and the previous value 58.5.

Let's remind once again that the key release of this week becomes tomorrow publication of the the US labor market review for December. It is possible to assume with confidence that unexpected values of this review will lead to significant movements of currency pairs in the market.

Considering high trading risks these days, we recommend to hold position outside of the market.