So, the dollar cannot yet rise. We shall remind that on fixing of long-term dollar "shorts" from the beginning of week the dollar/franc rate was at a mark of 1.2164, and the euro/dollar tested support at 1.2770.

Even significant correction in metals and raw material market and also the next statements of officials in support of currency could not help the further dollar growth.

So, ECB Governing Council member Christian Noier again declared that "flexibility" which was mentioned in the final document of G7 last meeting, was addressed to the Asian currencies and did not concern the euro rate against the dollar.

Weak index of ZEW expectations, which was considerably below expectations, did not help the dollar to become stronger against the main European competitors. We shall remind that according to the report of German research institute ZEW the index of business expectations in May decreased the fourth straight month and made 50 points in comparison with 62.7 in April. We shall notice that experts on the average forecast a parameter at a level of 60 points.

It became obvious for the market’s participants that a series of weak reports on the European economy while proceeds. However, ECB representatives are optimistical. It is remarkable that the index of current economic conditions grew up to 8.7 points against 2.6 points in April.

On the contrary, the negative in relation to the American currency amplified after yesterday's releases showed decrease in investors’ activity in housing market and also lower value of PPI excluding food and energy in the USA.

Let's remind PPI in the USA for April made +0.9 %, at the forecast +0.8 %, and previous value +0.5 %. And PPI excluding food and energy in the USA made +0.1 % for April, at the forecast of +0.2 %, and the previous value of +0.1 %.

The main reason of increase in producer prices became maximal growth of fuel cost for a year.

Investors were disappointed by statistics on building sector of the American economy. So, the housing starts in the USA made 1.849 million for April, at the forecast 1.965 million. And the previous value is revised from 1.960 to 1.996 million.

As a result the indicator was considerably below the forecast and achieved a low since November, 2004. And drop in the indicator is the most significant for more than a year in comparison with the last month.

And building permits in the USA made 1.984 million for April, at the forecast 2.045 million, and the previous value 2.059 million. As a result this indicator reached a minimum level since February, 2004.

Let's also remind that the basic driver of the money-market - dynamics of changes of credit cost, is also not in favor of dollar. As, in opinion of the majority of experts the cycle of rates increase in the USA has practically reached its peak, and it only begins in Eurozone and Japan, pressure upon dollar will be kept.

Besides the situation around the dollar is aggravated because of dependence of structural problems of the US economy, first of all, current account.

Today, at 12:30 GMT the publication of the indicators showing inflationary pressure - the extremely important for FRS - is planned. Taking into account its importance, it is possible to assume that the unexpected positive of data can lead to the further correction in favor of dollar. However weakness of these data only will accelerate the descending tendency.

- Consumer price index in the USA for April. We shall remind that the forecast is equal to +0.5 % for a month, and the previous value was equaled +0.4 % for a month;

- Consumer price index excluding food and energy in the USA for April. The forecast +0.2 % for a month, and the previous value +0.3 % for a month.

As a result, despite unwillingness of the market to deepen the begun correction, we suggest to wait for growth of dollar/franc and dollar/canadian rates to the purposes stated earlier. They are optimum levels for safe sales.

After achievement of these purposes of correction, at formation of signals of change of the tendency, there will be an opportunity for opening of next long-term "shorts".