So, in response to unexpectedly positive statistics the dollar again cannot rise. However the inflationary indicators, published last days, and also statements of FRS representatives confirm that Federal reserve system is justified less for continuation of aggressive increase of a level of interest rates in the USA.

So, Durable Orders index in the USA made +6.1 % for March, at the forecast of +1.5 %, and the previous value of +2.6 %. Thus Durable Orders data for February have been revised upwardly 3.4 %.

Experts notice that growth of durable orders in the USA in March is three times more than the experts’ forecasts due to increase in the companies’ investments in modernization of production facilities.

The companies use their growing profits on modernization of the equipment and expansion of production facilities, increase production and raise durable goods orders to fill up warehouses, which inventories reduced almost up to record-breaking low parameters.

It is remarkable that less Transport orders, which service life is not less than three years, were up 2.8 % in March in comparison with falling of 1.1 % in February. We shall remind that earlier it was informed on decrease of 1.2 %in February.

Less Defense orders were up 6.0 % in monthly calculation in comparison with growth of 1.1 % in February.

Computers and electronics orders grew 7.5 % that became the maximal increase since September, 2004. Equipment orders were up 7.5 % in March after decrease of 7.7 % in February.

Another indicator - New Home Sales in the USA made 1213 thousand for March, at the forecast 1140 thousand, and the previous value 1066 thousand.

In experts’ opinion growth of a parameter is based on the increased demand on cheap habitation. Thus employment and consumer incomes growth, even despite increase in mortgage lending rates, supports housing market.

Let's remind that New Home Sales make 15 % of the total turnover of the  US housing market.

Experts from Lehman Brother, commenting on a situation in new home market notice: "Everything indicates that growth of New Home Sales is caused by strengthening of a labour market: if people have job, they will continue to buy houses. We expect gradual drop in sales in housing market without threat for economic growth".

In experts’ opinion the final document of G& meeting also keeps putting pressure upon the dollar. And this pressure strengthened after yesterday ‘s publication of economic review of the US Federal reserve system - Beige Book - which showed that despite prompt growth of energy expenses, rise in goods prices and wage- push, it also reduces probability of the further rates increase in the USA.

Let's remind that on the eve Chicago FRB President Michael Moskou declared that the Federal Reserve learned to constrain inflationary pressure optimally.

In the annual report on the bank’s activity for 2005, placed on Chicago FRB site, Moskou noted "now inflationary expectations are controlled well".

Today the market’s participants expect publication of two significant indicators:

Jobless claims in the USA for a week on 22.04 at 12:30 GMT. We shall remind that the forecast of value of the indicator is equal to 305 thousand, and the previous value was equaled 303 thousand.

And later, at 14:00 GMT help-wanted index in the USA for March will be released. The forecast 39, and the previous value 39.

The general negative to the dollar gives less hopes for significant correction, however we still assume that to the end of current week this movement will be realized.

Let's remind that the purpose of correctional growth of the dollar/franc rate will be a level 1.2800, and in case of its overcoming (that is less probable), we’ll see a level 1,2900.

On a background of growth of quotations of raw materials and precious metals rates the dollar/canadian rate looks heavier now. However we continue to wait for its correctional growth up to a level 1.1360-70 for the beginning, and then, at a fundamental background favorable for dollar, and higher.

While, conservative players should keep a waiting position. And aggressive players should keep cautious “longs”( minimum lots), opened yesterday. The purposes of these purchases should be considered a level 1.2800 for dollar/franc rate, and a level 1.1360 for dollar/Canadian rate.