So, from the beginning of week the market players’ attention is again focused on a situation around the Asian currencies. We shall remind that last days the yen rate has been supported strongly by rumors about Bank of Japan’s refusal of policy of ultralow interest rates, being carried out last years.

So, at the first hours of the beginning of trading week the euro/yen rate fell almost by 180 points, and the dollar/yen rate was down 140 points and stabilized near a level of 116.20. However, despite significant strengthening of the Japanese currency, the dollar and euro are sustained by the Japanese importers who buy these currencies actively, believing that the current rate is convenient for purchases.

In analysts’ opinion euro/yen purchases connected with trust funds, help the European currency to restore the lost positions not only versus yen, but also versus the American dollar that keeps the euro/dollar rate from fast falling after overcoming support at 1.1850-60.

Let's notice that the dollar remains stable despite yesterday's data on new home sales. We shall also remind that, according to data of the US Department of Commerce, in January, 2006 adjusted for seasonal variations new home sales were down 5.0 % to 1.233 million units in comparison with December, 2005 that became the maximal drop in sales for a year.

In December new home sales for one family in the USA, were up, on the refined data, 3.8 % to 1.298 million units. Earlier it was informed on 1.269 million units.

And experts forecast that new home sales in the USA would make up 1.260 million units in January.

Let's notice that new home sales make about 15 % of the total home sales.

In economists’ opinion the main reasons of new home sales cut in January was increase of mortgage lending rates and a rise in housing prices. However, the majority of experts suppose that high consumer incomes, and the general improvement of a situation in a labor market will keep new home sales from sharp falling.

The majority of experts agree that today and tomorrow before the European central bank meeting on Thursday, volumes of trading positions will remain small in the market.

And, the possible disappointment by ECB decision or ECB officials’ comments will likely to lead a dollar exchange rate to the further rise. Technically the dollar/franc break out above a level 1.3270-80, or euro/dollar falling under a key level of 1.1800 promise fast strengthening of the American currency against other basic currencies in future.

Today the publication of the whole series of the important economic data both over Europe (12), and the USA is planned. So it is necessary to pay attention to publication of the following European data:

- Business sentiment index in Europe (12) for February at 10:00 GMT. The forecast 102.4, the previous value 101.8;

- The indicator of a business climate in Europe (12) for February the same time. The previous value +0.34;

-         Final value of a consumer price index in Europe (12) for January. The forecast -0.4 % for a month, +2.4 % for a year, the previous value +0.3 % for a month, +2.2 % for a year.

Besides it is necessary to pay attention to the publication of two major British indicators:

- Consumer confidence index in the UK for February at 10:30 GMT. The forecast -4, the previous value -3;

-         The British confederation of manufacturers’ survey: retail sales balance in the UK for February at 11:00 GMT. The forecast -7 %, the previous value -11 %.

Following important indicators over the USA will be released:

- The refined value of GDP index in the USA for the fourth quarter at 13:30 GMT. The forecast +1.1 % for a year, preliminary value +1.1 % for a year;

- Existing home sales in millions in the USA for January at 15:00 GMT. The forecast 6.60, the previous value 6.60;

- Consumer confidence index in the USA for February at 15:00 GMT. The forecast 104.0, the previous value 106.3;

-         Chicago Purchasing Managers' Index in the USA for February at 15:00 GMT. The forecast 59.0, the previous value 58.5.

At support of today's publications the dollar can continue its headway. However now such forecasts are a little bit premature. Considering a current subtlety of the market, it is impossible to exclude increased volatility of the pairs and realization of some correction of the basic currencies against dollar.

While it is necessary to remain outside of the market.