So, the positive of data on consumer inflation in the USA in April has given dollar a powerful impulse of growth. As a result right after publications of data the dollar/franc rate hiked more than 150 points and the maximal growth at the American session reached 180 points. Thus the euro/dollar rate lost more than two numbers, having fallen from a level of 1.2915 to 1.2700. And the dollar/yen grew more than 230 points to a mark 111.31.

Let's remind that consumer price index in the USA for April made +0.6 %, at the forecast of +0.5 % for a month, and the previous value of +0.4 % for a month.

And consumer price index excluding food and energy in the USA for April made +0.3 % for a month, at the forecast of +0.2 % for a month, and the previous value of +0.3 % for a month.

As inflation growth increases probability of the further FRS interest rates rise these data have led to intensive purchases of the American currency.

Moreover a dollar exchange rate was supported a little by officials’ statements. So, Minister of Finance of the USA John Snow has calmed investors, having declared that he excludes probability of sharp global falling of the American currency rate.

And Minister of Finance of France, in its turn, has declared that it is necessary to do all the best to prevent too significant euro strengthening against dollar.

A good background for yesterday's dollar growth was the situation in energy market. We shall remind that oil quotations fell at yesterday's tenders to lows of five and a half weeks.

The reason for decrease was data about petroleum growth for the last week. As EIA informed yesterday oil stocks in the USA for a week, ended on May, 12th, 2006, were down 0,1 million barrels to 346,9 million barrels. However according to EIA, petroleum stocks grew 1,3 million barrels up to 206,4 million barrels.

As a result June futures for the American light oil lost $0,84 to $68,69 for barrel. July futures for Brent oil reduced $1,04 to $69,04 for barrel.

It is necessary to notice that last movements in the market, showing dollar growth against the basic competitors, happen within the limits of long-felt correction and will not be long-term.

Let's also remind that the market’s concentration on problems of the first world ecnomy’s imbalances and also instability of a geopolitical situation, keeps influencing negatively on a rate of the American currency.

On the other hand, after significant euro growth during three years, from 2002 till 2005, the European economy adapted to a high rate of its currency, and prospects of growth of business activity in Eurozone have been not only above than it was expected, but also are considered as favorable for a long time. Besides to constrain inflationary pressure ECB has to regard the subsequent growth of euro more tolerantly.

In such situation we recommend “to look out" - end of current correction in favour of dollar will be as a result a unique opportunity of long-term sales of dollar/franc and dollar/canadian rates.

And now, while rates have not reached even the first our purposes (1.2230 - for dollar/franc, and 1.1280-95 - for dollar/canadian), it is necessary to keep a waiting position.

Let's remind that in case of continuation of correction the best levels for opening of strategic sales will be marks 1.2360 - for dollar/franc, and 1.1430 - for dollar/canadian (certainly if they are given).