After Friday falling of a dollar exchange rate on a background of depressing parameters of GDP growth in the USA for the third quarter, the American currency remained yesterday in a narrow range.

Let's remind that rates of the basic currencies practically did not vary yesterday during European, American, and then Asian sessions. Before today's economic data and also meetings of two largest world Central Banks, planned this week, activity in the market remained still the lowest.

As a result, as well as experts predicted at the next meeting of Governing Council of Bank of Japan, which finished today in Tokyo, there was made decision to leave a level of the basic interest rates in the country without change.

Thus the Bank of Japan executive Fukui declared that the further increase of a level of interest rates in the country will be made in time. Thus the head of bank avoided particular dates and terms, having mentioned that these steps will be made "not too early and not too late", but as required.

In opinion of the majority of analysts the European central bank at the meeting on Thursday will also leave interest rates without changes.

Besides experts believe that during forthcoming meeting ECB will confirm that at last December meeting this year the rates in the Eurozone will be raised.

However, the market’s participants ask already what monetary policy ECB will carry out in the beginning of next year. We notice that at last meeting representatives of the bank refused to make comments on increases of rates in 2007predicted by many analysts.

Players were also puzzled by tone of statements at last meeting. We remind that the general tonality was softer than analysts expected. At once it reduced expectations of probability of continuation of a cycle of rates increase.

As a result now more and more economists are in favor of that ECB will most likely leave rates without changes in the beginning of next year.

We also notice that aggressive tone of ECB representatives weakens noticeably on a background of last publications of the American fundamental indicators confirming delay of economic growth in the USA.

It becomes obvious for the market’s participants that the weaker growth of the US economy, it is less necessity to raise the rate in the Eurozone.

Therefore such important American indicators as Friday data on a labor market, but also consumers confidence index will be equally important for players of both sides of the Atlantic.

Let's notice that yesterday participants of the market almost did not react in any way to aggressive statements of Richmond FRB President Lacker, who noticed that the situation with inflation in the USA is far from ideal.

Besides Lacker noted that the national economy could cope with the further increase of a level of the basic interest rates.

Data on personal incomes and spending in the USA also did not affect the general situation in the market. We remind that personal incomes in the USA made +0.5 % for September, at the forecast of +0.3 %, and the previous value of +0.3 %.

And the index of personal spending in the USA made +0.1 % for September, at the forecast of +0.3 %, and the previous value of +0.1 %.

We still wait for the beginning of long-term drop in dollar. Therefore our last recommendations while hold good: to open "shorts" on dollar/franc and dollar/Canadian after achievement by them mentioned before levels.