The uptrend on the European currencies has tested a correction within the limits of the currency corridor, which set the last week, limited by the levels 1,2180-1,2300.

The dollar was supported after the issue of Durable Goods Orders data.

The source: the Census Bureau of the Department of Commerce. 

This report reflects, in money terms, the volumes of orders, factory shipments, and also unfilled durable orders, which operation life is more than 3 years.

This indicator is considered as the important indicator of a manufacture condition. The most objective and more informative indicators are considered Durable Goods Orders index, except for defense and transport orders, including an aircraft industry.

So defense orders can distort essentially an objective picture of the market as they are connected with political situation in the country, rather than with economic realities. Transport orders do not depend on a current politics, but subject to the strong fluctuations connected with the unstable raw market. Motor transport orders correlate with the oil and mineral oil market.

The durable goods orders in the USA rose in December above the forecasts that was promoted by growth of demand for the business equipment since August that gives the basis to assume that corporate expenses will accelerate the economic development at the beginning of 2006

Undurable goods orders raised 1.3 % up to $228 billion after jump of 5.4 % in November, which was even more than was estimated originally, the US Department of Commerce informed on Thursday.

Business investments into new factories and equipment will sustain economic growth in 2006 at the same pace as well as the last year, even in conditions of consumer expenses cutdown, economists suppose. Receiving enough incomes, the companies get the equipment and the enterprises to increase the efficiency and to expand their sphere of the activity.

However orders data has dampened a little jobless claims data.

According to yesterday's Initial Jobless Claims report of the Employment and Training Administration of the US Department of Labor: the initial jobless claims grew 11,000 up to 283,000 for a week for January, 21st, having risen from a 6-years minimum of the last week, the US Department of Labor informed on Thursday.

4-week moving average of initial jobless claims dropped 10,750 to 288,750 for a week for January, 21st has. It became a minimum level for more than 5 years.

Initial jobless claims for a week for January, 14th have been revised to increase up to 272,000 against the preliminary value of 271,000 that is 36,000 below the value of the last week.

Repeat claims raised 53,000 up to 2.581 million for a week for the January, 14th, uncompleted claims reduced 108,904. 4-week moving average dipped 31,000 to 2.623 million. 

Some stabilization of oil exchange situation has rendered local support to the dollar. Yesterday in New York at closing the price decreased 121 cents, and in London - 111 cents after the data of Department of Energy showed the growth of petroleum and distillates stocks up to levels above an average the fourth week in a row.

At the end of the morning tenders in Asia the oil prices have again hiked because of the renewal of anxiety about the continued conflict in Nigeria and consequences of Iran’s decision of research recommencement in the field of nuclear power.

These alarms have managed to outweigh the recent positive data on fuel stocks and OPEC intention to leave quotas without changes. The prices is again back to a key mark of $67 for barrel.

At 3.25 GMT in Singapore March contracts for the US crude oil o light sweet rose in price $0.45 up to $66.71 for barrel in comparison with closing price $66.26 in New York.

Technically the market’s picture has not changed essentially. Therefore the previous recommendations hold good:

Concerning opened Longs according to recommendations from January, 20th and January, 23rd - all holds good.

Euro - the price has reached the 1 purpose, therefore - 1,2300, on 2 purpose the stop should be moved in make-out, under a level 1,2800

Pound sterling - the price has reached the first purpose - 1,7930, stop on 2- order should be let down a level 1,7730.  

The purposes are kept, on euro - 1,2450, on pound sterling - 1,8050.