So, yesterday on a background of weak economic statistics in the USA dollar refused to continue correction. As a result the dollar again weakened against the basic competitors. So, the dollar/franc rate lost yesterday 130 points, and euro/dollar, having continued increase at the American session, reached a level 1.2870, having added almost 150 points for a day.

Let's remind that jobless claims in the USA for a week by May, 13th made 367 thousand at the forecast 318 thousand. And the previous value is revised from 324 thousand to 325 thousand. The indicator was not only much worse than the forecast, but also reached a maximum level for the last half of a year.

Another parameter - index of leading indicators in the USA for April instead of expected growth was in negative area. Thus that fact that the previous value has been revised upwardly, has remained practically ignored.

Let's remind that at the forecast of +0.2 %, value of the indicator made -0.1 %. And the previous value is revised from -0.1 % up to +0.4 %.

It is remarkable what even Philadelphia Fed index, which exceeded experts’ forecasts considerably, has only increased sales of the American currency.

Let's remind that Philadelphia Fed index made 14.4 for May, at the forecast 12.2, and the previous value 13.2.

However, key components of the report were weaker. So, new orders index decreased to 2.7 against 12.2 earlier. The component of deliveries fell to 11.7 against 19 earlier. The employment component made 1.1 points against 21.7 earlier. And unfinished orders index made -2.2 against 7 points earlier.

Former FRS head Alan Greenspan added negative in the dollar. We shall remind that he has declared that in the USA delay on a labor market will touch spending. Moreover Greenspan has stated doubt that a rise in the energy prices will urge on consumer inflation.

In opinion of experts such statements of former FRS head have increased probability of a pause in a cycle of rates increase.

As a whole, we still hold the opinion that last achievements of dollar should be considered as no more than technical correction after almost monthly decline of a rate of the American currency.

Factors, which can deepen this correction, can become the actions confirming that Fed really concerns inflation.

Analysts notice that new FRS head till now could not convince the market that struggle against inflation - one of priority tasks of his department.

So, for example, Sharon Esheva, Morgan Stanley currency strategist notice: "Though we also adhere to that point of view that Mr. Bernanke will be a worthy successor of Alan Greenspan, investors wish to see solid proofs his intentions are serious".

Thus, on the other hand, the market’s participants expect ECB aggressive actions at the next meeting on rates in June, expressed in increase by 50 basic points. These expectations outweigh even weak economic data over Europe (12).

Let's notice that the market of futures for the interest rate at the moment estimates probability of increase at once by 0.5 % in June on 67 %.

As a result, before opening long-term sales of dollar/franc and dollar/canadian rates we suggest to wait for deepening of correction in favor of dollar. The purposes of correction of the rates, mentioned in the previous comments, also hold good. While it is necessary to be outside the market.