So, the highest volatility is kept after long days off in the USA and Great Britain. The reason of this is not only not only varied economic data but also market rumors.

Let's remind that the dollar is under pressure of the uncertainty connected with a new US Treasury Secretary Henry Paulson instead of retiring John Snow, proposed by the US President George Bush.

Announcing this decision, President Bush told that Paulson will be his main economic adviser and representative of the White House economic policy.

Experts notice that as Paulson was the head of investment bank Goldman Sachs and is Wall Street veteran his nominee has the great credit of confidence in the financial markets.

Despite drop in a dollar exchange rate right after announcement of this news many analysts believe that Henry Paulson is the supporter of the strong dollar, and there is high probability that this decision can support a rate of the American currency in short-term prospect.

At the same time they say that Paulson’s major task is a problem of dollar easing against the Asian currencies and global disbalances.

Let's remind that John Snow's team could not influence effectively on the governments of the Asian countries with the purpose of their refusal of the rigid monitoring system of the exchange rate.

Drop in dollar began after Paulson’s statement that force of the US economy is in enterprise spirit and competitiveness of the Americans. These words have been regarded by analysts as Paulson’s readiness for the further smooth devaluation of a rate of the American currency.

As a result in the American session euro/dollar has grown considerably, having reached a level 1.2909, maximal for last two weeks, after being at a level 1.2750 at the beginning of yesterday's American session.

And yesterday the maximal intraday time dollar/franc decline made 170 points from a level 1.2247 to a level 1.2067.

The dollar lost the same against the Japanese yen, having decreased from 112.52 to a mark 111.81.

Let's also notice that yesterday's events happened on a background of aggressive statements of a ECB Governing Council member Clause Libsher, who told that data about confidence to economy of the Eurozone means its growth in 2006.

"Last indicators of confidence showed an optimistical picture which signals about its further growth", - Libsher declared. He added that " oil prices are a risk factor".

However, in Libsher’s opinion high oil prices represent more likely danger to inflation in Eurozone rather than to growth of the European economy.

As for a question of rates, Libsher told that ECB will most likely continue to raise interest rates.

Let's also remind that ECB Head Trichet stated the similar assumption earlier.

As a result today the majority of experts is sure that on June, 8th in the meeting ECB will lift the rate of refinancing from 2.50 % up to 2.75 % per annum.

However, "to bury" dollar while is premature. We shall remind that publications of the important economic indicators such as business indexes in Europe and the USA, which release is planned tomorrow, and also key release of week - Friday survey of the US labor market.

Besides today at 18:00 GMT the publication of the minutes of FOMC meeting from May, 10th is expected. This document will allow analysts to assume probability of the further increases of FRS rate.

Consumer confidence index in the USA for May made 103.2 at the forecast 102.0. And the previous value is revised from 109.6 to 109.8.

Though the parameter exceeded the predicted level, but, at the same time, decreased to a low for last three months. We shall notice that the previous value of the given parameter was maximal since 2002.

We still do not exclude renewal of dollar favorable correction. We shall remind that a signal of change of the tendency can be overcoming of support levels at 1.2005-25 on the dollar/franc rate. While we recommend to keep position outside the market.