So, before an issue of the first block of significant news the basic exchange rates remain in ranges. We shall remind that after steady growth last week the dollar was a little corrected to the basic currencies. So, the euro/dollar rate grew to a level 1.1967, and the dollar/yen rate dipped under the important psychological level 119.00, to a level 118.67.

The additional intrigue in a situation of expectation of the further increase of FRS rates was brought by the statement of San Francisco Federal reserve bank president Janet L. Yellen, who declared that the Federal Reserve should accept an official target level of long-term inflation.

In her opinion, it can raise efficiency of a monetary policy. As a result Yellen supports FRS head Ben Bernanke who earlier was for introduction of such level.

Besides she has warned that decisions on the further interest rates increase in the USA should be made extremely accurately as too high level of rates can affect negatively economic growth.

As for a question of a target level Yellen has assumed that "annual growth of a base index of personal consumption (PCE) on 1.5 % can be considered as such level". And "a comfortable zone" for FRS, in her opinion, can be considered area of 1-2 %.

It is quite logical that such statements, reducing expectations of the further growth of rates, put pressure upon a rate of the American currency.

Today at 13:30 GMT following data will be published:

- An index of retail sales in the USA for February. The forecast -0.6 %, and the previous value +2.3 %;

- An index of retail sales except for car sales in the USA for February. The forecast -0.2 %, and the previous value +2.2 %;

- The balance of payments in billion euro in the USA for the fourth quarter. The forecast -217.5, the previous value -195.8.

Let's remind that though the market is not focused yet on problems of deficits in the USA, however weak data can generate the next wave of gamble in this occasion.

Let's notice that trade deficit in the USA in January, 2006 rose up to a peak $68.5 billion from $65.1 billion in December, 2005 that exceeded 6 % of the US gross domestic product.

And the US budget deficit in February made a record $119.20 billion against $113.94 billion in January. It also exceeded economists’ forecasts who expected a gain - up to $115 billion.

It is necessary to consider, however, that in February deficit is usually high because of low tax funds. We shall notice that for the first five months of current fiscal year deficit made $217.52 billion in comparison with deficit of $223.42 billion for the similar period of the last year.

In opinion of many economists, deficit of the federal budget of the USA represents more real threat for economy than a huge trade deficit. Besides they doubt that this problem can be solved soon.

Moreover, it is necessary to pay attention to the publication of inventories index in the USA for January at 15:00 GMT. We shall remind that the forecast is equal to +0.2 %, and the previous value was +0.7 %.

While, data of German institute ZEW, contrary to expectations, have been worse than the forecasts. We shall remind that the index of business expectations in Germany of the German Center of research of European economy ZEW made 63.4 for March, at the forecast of growth to 71.0, and the previous value 69.8. Thus the index of current conditions over Germany made -8.4 points against -19.5 points in February.

And the index of expectations in Eurozone dropped to 61.1 points from 66.0 in February.

Considering importance of today's releases, we recommend to keep position outside of the market. The probability that weak data on the US economy can lead the dollar to a deepening of correction is still kept.