So, yesterday on a background of the lowest activity because of the day off in the USA, the basic currency pairs continued trade in ranges.

Yesterday the rhetoric of ECB representatives was rather hawkish, that again strengthened expectations of the market’s players that at the nearest meeting of ECB Governing Council in March the level of interest rates in Europe (12) will be again raised by 0,25 %.

Let's remind that ECB Head expressed the anxiety about inflation, having noticed that the strong monetary market and the credit growth pointed out inflationary risks, and the annual gain of monetary aggregate M3 remained greater.

As for a question of change of a level of interest rates in Europe (12), Trichet did not say anything new, however he noted that now they were at a historical minimum, and "inflation of the second circle", caused by a rise in oil prices on and wage-push could create significant problems for the European economy.

An opportunity of the further rates increase was not excluded by a member of ECB Governing Council and Bundesbank President Aksel Veber. We shall remind that in his yesterday's speech Veber called ECB to accept long-term strategy of an establishment of interest rates in order to take all efforts for struggle against inflationary threats at an early stage.

In Veber’s opinion the risk of excessive inflation has not changed since the last increase of ECB key rate up to 2.25 % in December, and ECB should watch the countries-members of bank not to exceed the established two-percentage inflation limit in the framework of the Stability Pact.

"It demands acceptance of a long-term monetary policy which will warn of possible inflationary risks at early stages ", - Veber told.

Bundesbank President called volatile oil prices and future increase in the VAT and also administered prices for such goods, as cigarettes and alcohol, as the main among inflationary risks.

He noticed that "in case of a rise in oil prices and indirect taxes there is a threat of an effect of secondary inflation which demands adequate actions concerning ECB monetary policy".

The probability of rates increase by 0,25 % at the nearest meeting of ECB Governing Council in March has been predicted by the market’s players for a long time. Possibly, therefore the market’s reaction to aggressive rhetoric of ECB representatives was insignificant.

Let's remind that today publication of the important economic indicators are planned, which the market’s gamblers will not ignore. So, it is necessary to pay attention to the following:

- Trade balance in billion euro in Europe (12) for December at 10:00 GMT. The previous value-2.3;

- Leading indicators index in the USA for January at 15:00 GMT. The forecast +0.4 %, the previous value +0.1 %;

And at 19:00 GMT the publication of the US FRS Federal Open Market Committee meeting minutes from January, 31st is planned.

We suggest while to follow our last recommendations and to keep position outside of the market. We shall remind once again that this week there is planned the publication of several releases, which clear up considerably a situation around the threat of inflationary pressure. Considering a neutrality of a current technical situation of the basic currency pairs, forecasting of the further movements is difficult now, that leads to the increased risks for trading decisions.

Therefore it is necessary while to keep a waiting position.