On Monday the American currency lost a part of positions won on Friday.

Let's remind that the dollar managed to finish the last week with growth against the euro and yen for the first time for more than a month, owing to growing speculation on a theme of continuation of FRS monetary tightening.

In turn, the single European currency grew on Monday against dollar. Partly the reason for that is support from expectations on ECB rates increase.

The euro rate is also supported by statements of the high-ranking European officials.

Ministers of Finance of the Netherlands and Greece declared that they are not anxious about a current level of the euro/dollar rate.

ECB President Trichet declared that the bank watches closely change of the inflation rate in the region.

The British currency also rose against dollar, however slumped to euro.

A dollar exchange rate is under some pressure of significant falling of the prices for shares in developing markets.

However a major factor of pressure upon the dollar is still uncertainty around FRS further policy.

Now the investors’ attention is focused on a theme of the superiority of interest rates of the USA above Japan and Europe. Strengthening of the inflationary pressure connected with growth of oil price, again increased probability of further FRS firming.

Thus, the further behavior of the American currency depends on economic data over the USA.

This week the publication of the revised value of GDP index in the USA is expected. According to forecasts GDP growth will be revised upwardly from an initial estimation of 4.8 % and will make 5.8 % - the maximal value since the third quarter of 2003.