So, last day of February was under the badge of dollar sales. The fundamental occasion for this were yesterday's data most of which were below the expectations.

Poor consolation for the market’s players was only the publication of refined gross domestic product of the USA in 4 quarter. We shall remind that, as well as experts forecast the US GDP in 4 quarter of the last year was up 1.6 % according to the refined data.

Let's notice that earlier it was informed on growth on 1.1 %.

And the price index of personal consumption was up 2.7 % y/y in 4 quarter against a gain on 3.7 % for 3 quarter. And the basic index, except for food and energy prices, was up 2.1 % y/y.

Import increased by 12.8 % after growth on 2.4 % in 3 quarter, and export rose by 5.7 % against 2.5 % in 3 quarter.

As a result GDP for 2005 added 3.5 %, and in 2004 growth made 4.2 %.

Other publications were weaker than the forecasts. So, according to a research firm Conference Board from New York consumer confidence index in the USA decreased to 101,7 points in February, 2006 from the revised upwardly January value 106.8 points. We shall notice that experts waited for reduction of the index to 104.5 points, and earlier was informed that in January the value of the index made 106.3.

And the index of estimation of a current situation raised up to 129.3 points in February from 128.8 points in January, and the previous value 128,4 points. The index of expectations dropped to 83.3 points from 92.1 points, the previous value 91,5 points. An index of those supposing, that " to find job difficult now", grew up to 20.7 points from 20.3 points a month earlier.

Let's remind that the consumer confidence index by Conference Board request is made according to the survey of about 5.000 American families. The maximal value of the index is equal to 144.7 points, was observed in January, 2000.

Another indicator - Chicago Purchasing Managers' Index, reflecting a level of business in the Middle West of the USA, decreased in February of this year. We shall remind that value of the indicator made 54,9 points in February in comparison with 58,5 points in January, at the forecast of 58.5 points.

And the employment index in February climbed up to 54.9 points from 50.2 points in January. New orders index reduced to 54.9 points from 63.7 points. The price index dipped to 71.6 points from 75.3 points.

Let's also remind that value of the index below 50 points means downturn in a sector, and above - expansion. The given indicator is important for experts because usually it correlates noticeably with national index ISM.

Another release on existing home sales in the USA also showed reduction. So, according to National Association of Realtors existing home sales were down 2.8 % to 6.56 million units in January, 2006 in comparison with 6.6 million units in December, 2005.

Let's notice that experts forecast that existing home sales in January would not change by December and would be at a level of 6.6 million units. Thus, the last month there was observed the minimum for two years.

Let's remind that data on new home sales, published on the eve, were also down 5.0 % seasonably adjusted to 1.233 million units in January, 2006 in comparison with December, 2005 that became the maximal drop in sales for a year.

About 85 % of total volume of housing market in the USA falls to the share of the existing home market.

As a whole, experts expect that existing home sales volumes will be down 5 % in 2006. We shall remind that in January average cost of the house was up 12 % y/y to $211 thousand.

As a result after the publication of this series of data the dollar/franc rate was down 150 points. Besides the European currencies were supported a little against dollar by drop in dollar/yen rate, proceeding during last several days, and also by positive expectations of tomorrow's increase of ECB interest rates by 0.25 %.

Today, except for the publication of the important indicators over Europe (12), the important data on US economy will be published. So, at 10:00 GMT it is necessary to pay attention to:

- Preliminary value of a consumer price index in Europe (12) for January. The forecast +2.3 % for a year, the previous value +2.2 % for a year;

- Unemployment in Europe (12) for January. The forecast 8.4 %, the previous value 8.4 %.

And later, at 13:30 GMT the following data will be issued:

- Personal incomes index in the USA for January. The forecast +0.6 %, the previous value +0.4 %;

               - Personal expenses index in the USA for January. The forecast +1.1 %, the previous value           

                 +0.9%.

However the key release of day will be the publication of ISM index in the USA for February at 15:00 GMT. The forecast 56.0, the previous value 54.8.

At the same time the publication of construction spending index in the USA for January is planned. The forecast +0.7 %, the previous value +1.0 %.

Weakness of ISM index can lead the dollar to the further descending correction. Major level of support of the dollar/franc rate can be a level 1.2980. Here we recommend to arrange the postponed orders for the rate purchase. The further reduction that seems to us less probable, can lead a rate to a level 1.2800, whence it is necessary to strengthen purchases.

The dollar/canadian rate is more vulnerable, as uncertainty in the energy market supports a rate of the Canadian currency. Purchases on the given pair will be possible only after reliable signals of change of the tendency, which has not been observed yet.