So, yesterday's data, at the expressed positive for the American currency, could not change cardinally a market situation. Moreover, today after the publication of Ifo data the dollar received an unexpected negative impulse, and was down 70 points at once against euro to.

As a result euro/dollar pair broke out maximum of the Asian tenders, and then the offer zone at 1.1925/30, having overcome later the further offers at 1.1940, achieved a mark 1.1967.

We shall remind that, according to yesterday's data, the consumer price index in the USA in January was up 0.7 % in monthly calculation, thus a core CPI - excluding the prices for food and energy – was up 0.2 % m/m in January.

Experts forecast that CPI in January would be up 0.5 % in monthly calculation, and core CPI - up 0.2 %.

And year over year in January prices in the USA were up 4.0 %, and except for the prices for energy and food - up 2.1 %.

Thus seasonably adjusted real incomes of the US population were down 0.2 % m/m in January as well as the economists expected.

Though these data have confirmed expectations of continuation of a cycle of the US FRS monetary policy firming, however the market’s reaction was insignificant. So, against the basic currencies the dollar could not overcome key resistance, and returned to old trading ranges after a short struggle.

And today, right after the publication of the report of German institute Ifo, which was above experts’ forecasts, the dollar bore substantial losses against the European currencies.

Ifo business confidence index, at the experts’ forecast 101.5, made 103.3 points in February after 101.8 in January. The index of current conditions made 101.9 against 99.7 in January. The index of expectations rose up to 104.8 from 103.8 in January.

Let's also notice that yesterday the market’s players did not ignore the publication of the minutes of Bank of England Board meeting in February according to which 8 of 9 ??? members of voted for preservation of the interest rate at a level of 4,5 %.

The only member of Committee Stephen Nikell advocated drop in the rate. Experts expected that two Committee members - Nikell and Kate Barker would vote for drop in the rate.

Let's remind that we recommend keeping a temporizing policy - the probability of correction against dollar is still kept. The first purpose of such correction can become a level 1.2930 on dollar/franc, the key purpose of dip should be considered a level 1.2890. Falling below this level will be a signal of change of the market’s moods.

The nearest purpose of correction of a dollar/Canadian rate will become a mark 1.1550. Stability of this level will allow making further forecasts for medium term prospect.

As a result we keep position outside of the market.