So, the market’s players have again watch closely indicators that leads to increased volatility of crosses right after the publication of the next block of the economic information.

Let's remind that having stabilized within the limits of a trading range 1.2005 - 1.2030 before the publication of data on business activity in service sphere in the USA, the euro/dollar rate made an attempt to renew its growth, however levels 1.2050-55 became insuperable for it, having been under pressure of unexpectedly positive data, the rate has already tested a mark 1.1995.

Before Friday publications the main drivers of growth of the European currencies against dollar were aggressive statements of ECB President Trichet, who declared that the bank continued to watch closely a situation connected with development of inflation in a region, and would do its best for maintenance of price stability in Europe (12).

However data of the US Institute for Supply Management, which informed the players that the business index in service sector rose up to 60.1 points in February, 2006 from 56.8 in January, allowed players to gamble on increase of a rate of the American currency.

Let's also remind that analysts forecast that value of the index would make 58.0 points in February.

And the employment index in February made 58.2 points against 51.1 points in January, and the price index made 64.8 points, having remained at a level 67.2 points. Thus the new orders index in service sphere made 56.2 points against 56.0 points.

More than 85 % of the US gross domestic product falls to the share of service sphere. US Institute for Supply Management calculates the index on the basis of the poll of managers of 370 companies from 62 service sectors. And value of the indicator above 50 points means rise of sector, and below - downturn.

Let's also notice that unlike industrial sphere, which is supported by investments of the companies, indicators of activity in service sphere improve in case of growth of consumer expenses that is an important point for the US FRS in decisions on change of a level of interest rates.

Another indicator – a final value of University of Michigan Consumer Sentiment Index, having been a little below forecasts, could not affect essentially a situation in the market. We shall remind that a value of the indicator was equal to 86.7, at the forecast 87.4 and the previous value 87.4.

Thus the component of the index, reflecting current conditions, decreased to 105.6 points in February from 110.3 points in January. And the component of expectations dipped to 74.5 points from 78.9 points in January.

Let's notice that the index is calculated monthly by results of survey of about 500 families, and is one of basic indicators for the US FRS.

Today the investors’ attention will be directed on the publication of factory orders index in the USA for January at 15:00 GMT. We shall remind that the forecast of the indicator is equal to -5.4 %, and the previous value +1.1 %.

But key events of the week will be meetings of Bank of Japan on Wednesday and on Thursday and which will likely to clear up a situation around probable rejection of Bank of Japan of its policy of ultralow interest rates.

Let's remind that speculation on this theme have helped considerably the Japanese yen and other Asian currencies to strengthen two last weeks.

And another major release of the week will be Friday data of the review of a labour market in the USA. Experts suppose on its basis it will be possible to build the further forecasts about prospects of the US FRS monetary policy firming.

While we suggest following our last recommendations: to keep the minimal dollar/franc long positions, opened from a level 1.2980. In case of a rate falling to key support at 1.2800 it is necessary to strengthen purchases.

The situation with the dollar/canadian rate is now less predictable. It is necessary to keep a waiting position on this pair.