EURUSD, GBPUSD. In absence of especially important news dollar keeps at former positions.

In absence of especially important news the dollar is quoted at former levels.

The dollar was supported by a local drop in the oil prices to monthly minimum.

The oil prices reached a monthly minimum below $63 for barrel on Wednesday as investors have a presentiment of the next growth of already high stocks of crude oil and petroleum in the USA.

On forecasts crude oil stocks in the USA should be up 300,000, and petroleum stocks - 1.9 million barrels, according to Reuters survey. It will be the sixth straight week of growth, and stocks will be 10 % above a level of the last year after foreign supplies increased, and processing slowed down because of hurricanes of 2005.

However the US EIA warned that demand in the country and all over the world would increase in the second quarter, that could affect OPEC decision concerning oil production cut. As to a situation with Iran, sanctions are possible if the United Nations comes to conclusion that Teheran wishes to create a nuclear bomb not just to use nuclear energy.

The prime minister of the UK Tony Blair declared on Tuesday that the anxiety concerning a probable rise in oil prices should not stop the international community to use sanctions to Iran if it is necessary.

Positive retail sales data in the USA also keep dollar within the limits of a currency corridor to euro. The retail sales index of Redbook was up 0.4 % in February in comparison with January for a week on February, 4th as the majority of retail trade shops informed on higher rates of sales growth than it was planned in February.

Sales were up 3.3 % in comparison with the same week a year ago, that also exceeded a target level of 3.2 %. In monthly calculation sales exceeded a target level on 0.2 %. The beginning of a new spring season is stimulated by retail sales, Redbook report emphasizes.

The euro was under pressure of unexpectedly weak industrial production data in Germany. Industrial output was down 0.5 % (seasonably adjusted) in December against November when it went down 0.4 %, the Ministry of Economics and to Technology of Germany has informed today. Analysts expected growth on approximately 0.7 %, according to the poll of 42 economists, held by Bloomberg News agency.

The orders in a manufacturing industry dropped in December for the first time for 4 months, mainly owing to reduction of foreign orders.

The number of jobless in Germany rose up to 5 million people at the beginning of a current year.

The balance of payments data in Germany also showed decrease in rates of economic development.

The balance of the balance of payments of Germany increased on 6,3 billion euro in December against proficiency of 8,2 billion euro in November and 6,5 billion euro in December, 2004, according to data of the Federal bureau of Statistics.

German trade proficiency was up 9,2 billion euro in December against 13,3 billion in November and +10,8 billion a year ago. For the whole 2005 of balance of the balance of payments was 90,4 billion euro against 84,5 billion in 2004, and trade proficiency 160,5 billion euro from 156,1 billion euro the last year.

German export fell to 66,6 billion euro from 71,5 billion in November, but was up 59,7 billion in December of the last year. The total import made 57,41 billion that is less than 58,2 in November, but above 48,9 billion in December, 2004.

The technical picture of the market has not changed much.

On the open positions, according to the recommendation of February, 2nd:

“Eurodollar quotations have approached closely to key levels 1,2040-1,2000. Expectation of the further rate increase and positive nonfarm payrolls data enable dollar to press the support levels. There is quite probable correction deepening. Therefore Shorts on euro under these levels with 1 purpose 1,1915 and the perspective purpose 1,1720 are important.

Pound sterling the same levels - Shorts from a support level of 1,7635, 1 purpose - 1,7545, 2 purpose - 1,7415.”        

The purposes on pound sterling have been reached.

On euro, we keep stop in make-out.