So, yesterday's publications of statistical data strengthened pressure upon the dollar therefore the euro/dollar pair renewed its growth in the American session and achieved a level 1.2189, a peak since January, 27th.

And the pair has easily overcome local resistance levels and within a day has added more than one and a half figures.

Let's remind that a primary factor of pressure is an expectation of the close termination of a cycle of aggressive increase of the US interest rates. We shall notice that according to statements of Fed representatives the further decisions on rate’s changes will be made in view of current macroeconomic data, therefore the market shows heightened interest to publications and reacts significant movements to them.

So, yesterday San Francisco FRB Head Janet L. Yellen again reminded that the further situation with rates depended completely on coming economic data.

Thus Yellen noted that despite FRS would like to see basic inflation at a lower level, now inflation is at the top border of "a comfortable range".

As for prospects San Francisco FRB Head believes that inflation will remain steady next year.

While consumer inflation in the USA remains moderate. We shall remind that according to the yesterday's report of the US Department of Labor the consumer price index in the USA was up 0.1 % in February, 2006 to January, and except for food and energy prices - up 0.1 % m/m.

Let's notice that experts forecast the consumer price index to be up 0.1 % in February to January, and basic inflation to make 0.2 %.

Year over year consumer prices in the USA rose 3.6 % in February, 2006 and except for food and energy prices - 2.1 %.

The consumer price index in the USA in January, 2006 increased 0.7 % m/m, the basic index climbed 0.2 %. Year over year inflation in January made 4.0 % and 2.1 % accordingly.

And the jobless claims in the USA for last week were up on 5.000 to 309.000. According to preliminary data the indicator of the last week made 303.000.

Let's remind that analysts forecast claims’ cutdown on 5.000.

And the average for 4 weeks by March, 11th of new jobless claims mounted up to 296.500 from 293.750 a week earlier. The total number of jobless made 2.445 million against 2.494 million a week earlier.

And the number of housing starts in the USA in February slumped to 7.9 % in monthly calculation and made 2.120 million against 2.303 million in January. The January indicator has been revised from 2.276 million houses.

Analysts forecast number of housing starts at a level of 2.030 million.

And the building permits in February also fell 3.2 % to 2.145 million units against 2.216 million in January.

And one more important indicator - Philadelphia FRB index, which is considered as one of the basic indicators of a situation in industrial branch, up to 1/6 of the US economic activities falls  to the share of which , also could not support the dollar.

Let's remind that the business index, calculated by Philadelphia Federal reserve bank, reduced up to 12.3 points in March, 2006 from 15.4 points in February, 2006, representatives of the bank informed on Thursday.

Though economists expected even greater decline of the indicator in March - up to 14.0 points, however core components of the review, such as a price index and an employment index dipped noticeably in comparison with the last month. So, the price index dropped to 17.2 points from 30.5 points, and the employment index in March fell up to 5.4 points from 11.3 points.

We remind that except for the important European data, the publication of the finishing block of a week is planned today. So at 14:15 GMT will be released:

- index of industrial production in the USA for February. The forecast +0.6 %, the previous value -0.2 %;

- capacity utilization in the USA for February. The forecast 81.3, the previous value 80.9.

And later, at 14:45 GMT the key indicator of a week - preliminary value of University of Michigan Sentiment Index in the USA for March will be published. The forecast of the indicator is equal to 89.3, and the previous value was 86.7.

We suggest waiting for publication of this indicator. At its support the probability of dollar rise seems to us very high. However such rise of "greenback" will be only temporary as temptation of large players "to punish the crowd" on Friday evening market seems to us obvious.

Significant weakness of the indicator can deepen correction against the dollar and lead the dollar/franc rate to a key support level at 1.2800. We shall notice that falling of this level will set up preconditions for cardinal changes of moods in the market not in favour of the American currency.

And dollar/Canadian decline under a yesterday's minimum at 1.1510, can lead the pair to a key mark 1.1436.

While, before the publication of University of Michigan Sentiment Index in the USA for March, it is necessary to keep a waiting position.