So, right after publication of a series of the important statistical data, the dollar began to slump. So, yesterday after slide in the euro/dollar pair to a level 1.1940 in European session, already in the American session the pair strengthened on almost a figure, having reached a level 1.2030. And the pair overcame a level of 1.2000 easily, earlier considered as the strong resistance for it.

The dollar was under pressure of the weak economic indicators testifying to significant falling of retail sales in the USA, and also showing the next increase in the current account deficit in the USA.

Let's remind that the index of retail sales in the USA made -1.3 %for February, at the forecast-0.6 % and previous value +2.3 %. And the index of retail sales ex-auto in the USA made-0.4 % for February, at the forecast -0.2 %, and the previous value +2.6 %.

Both indicators were two times less than the predicted levels. Thus the first of indicators was at a minimum level for the last six months, and the second one was minimal for last 23 months.

Let's remind that earlier it was informed that in January retail sales were up 2.3 % by December, ex-auto - up 2.2 %. These data have been revised upwardly - growth of sales in January on 2.9 %, and ex-auto - on 2.6 %.

Another indicator - the current account in the USA for the fourth quarter of 2005 showed  the US current deficit reached already frightening sizes, having made -224.9 billion dollars.

Let's remind that deficiency extended from the value revised downwardly at a level of $185.43 billion in the third quarter of 2005.

The economists assumed growth of deficit in the fourth quarter up to $217.80 billion, being based on the previous value for the third quarter at a level of $195.82 billion.

As a result deficiency hit a record high of 7 % of GDP, having passed the 6 % boundary, which, in opinion of many experts, is fraught with threat of devaluation of the national currency and as consequence depreciation of debts of the country because of loss of investors’ confidence.

Such script can be assumed only hypothetically as leading rates of growth of the American economy in comparison with their basic trading partners do not raise anybody’s’ doubts.

Besides the US population continues to believe their Central Bank that is shown in low rate of the savings, and a high consumption level.

Let's notice that pressure of the European currencies upon the dollar strengthened after the member of ECB Governing Council Veber warned the risk of inflation growth in a zone of euro was still great, and that if necessary ECB would take corresponding steps.

Moreover the market’s players have paid attention to the statement of consulting group Medley Global Advisors, which informed that the increase in FRS interest rates more than 0.25 % was unlikely.

Additional pressure upon a dollar exchange rate was rendered with a proceeding growth of oil quotations. We shall notice that because of the anxiety about probability of breaks of petroleum deliveries before a summer season, only for first two days of this week the rise in oil prices made 5 %.

As a result yesterday April futures for the American light oil rose in the price $1,33 up to $63,10 for barrel, and April futures for oil Brent grew $1,77 up to $63,97 for barrel.

On this dollar-negative background other yesterday's indicators, which were better than the predicted levels, were ignored. So, the inventories index in the USA made +0.4 % for January, at the forecast of +0.2 %. And the previous value was revised from +0.7 % up to +0.8 %. As a result the indicator exceeded not only the forecast, but also its previous value has been revised upwardly.

And the index of industrial activity in the Middle West of the USA, calculated by Chicago FRB, was up 0.7 % in January, 2006 owing to steel and engineering industries.

Let's notice, that the index climbed up to 113.7 points in January from revised upwardly 112.9 points in December. We shall remind that initial value of the index for December made 112.4 points.

Today the market waits for the next portion of the important data among which is Net Foreign Purchases for January. The publication of TICS data is planned at 14:00 GMT, the forecast makes +57.0 billion dollars, and the previous value was equal to +56.6 billion dollars.

And earlier, at 13:30 GMT the publication of other important data is expected:

- Iimport price index in the USA for February. The previous value +1.3 %;

- Export price index in the USA for February. The previous value +0.7 %;

- NY Empire State Index in the USA for March. The forecast 19.0, the previous value 20.3.

As a result, considering the importance of these data, we recommend while to keep position outside of the market. In case of weakness of data correction against the dollar is not excluded.