Friday European economic statistics showed significant drop in a rate of inflation in Europe (12) that put pressure upon rates of the European currencies.

These moods amplified after the publication of unexpectedly positive data on the first world economy. Everything could end with a convincing victory of "green" against the euro on Friday, if not for "duly" statements of the President of Saint Louis Federal reserve bank Pool.

Let's remind that the price index of personal spending except for food and energy prices in the USA for August made +0.2 % for a month, +2.5 % for a year. We remind that the previous value made +0.1 % for a month, +2.4 % for a year.

Thus, economists pay attention to that annual value of the given indicator while continues to remain above the top border of a so-called acceptable zone for the Federal Reserve of the USA, and is maximal since January, 1995.

Let's remind that earlier the range of comfort was named values from +1.0 % up to +2.0 %.

Besides Chicago Purchasing Managers' Index in the USA made 62.1 for September, at the forecast 56.5, and the previous value 57.1. Value of the parameter was maximal for a year.

Thus employment decreased in September up to 50.8 points from 55.1 points in July, new orders grew up to 67.3 points from 59.6 points, price index decreased to 69.8 points from 75.2 points.

Let's notice that value of the index above 50 points means activity in sector, below - recession.

The index of a business climate calculated by National Association of Purchasing Managers in New York, rose up to 421.0 points in September, 2006  from 416.8 points in August.

Experts note that the index keeps growing since November, 2005.

Another, extremely important indicator - final value of University of Michigan Consumer Sentiment Index in the USA made 85.4 for September, at the forecast 84.4, and the previous value 84.4.

The given indicator also exceeded the expected levels.

These data raised some doubts in prospects of FRS further steps concerning change of rates, reducing chances of reduction of FRS rate. The market’s players came to conclusion that to finish a cycle of monetary policy firming FRS should to slow down inflation more considerably. It pushed players to new dollar purchases.

So, growth of Chicago and New York business indexes in dispels fears about significant falling of ISM index, which will be published this week.

Besides University of Michigan Consumer Sentiment Index gives the basis to believe that the economy continues to extend.

However the situation in the market changed cardinally after unexpected statements of the President of Saint Louis Federal reserve bank Pool, who promised to support drop in the basic interest rates if rates of growth of economy and inflation in the country are low.

"The highest figures on inflation are, probably, already behind. Today's data on inflation - the early sign on more positive news", - Pool noticed.

"If gross domestic product is below the forecast FRS will have an opportunity of aggressive decrease in the rate. It is necessary to be sure of delay of gross domestic product and inflation before any decrease in rates", - the President of Federal reserve bank in Saint Louis summed up.

Despite positive series of data on Friday, we expect that the theme of fast reduction of a level of interest rates from FRS of the USA will extend in the market.

Pressure upon the American currency will most likely be kept. Therefore, not excluding probability of some correctional rise, we recommend to keep earlier opened sales of dollar/franc and dollar/canadian rates.