Thus, the main driver of forex on Friday again was the Japanese yen. We remind that during the tenders at the European session on Friday the National bank of China declared that since tomorrow it would raise a level of the basic interest rates.

Besides Chinese Central Bank announced that henceforth the range of day time fluctuations of a rate of the Chinese yuan would be expanded from 0.3 % to 0.5 % on both sides from the central level.

Such statements caused the massed purchases of the Japanese yen against all basic currencies. As a result the dollar/yen rate tested a mark 120.67, which on Thursday was daytime low. And cross -rates of euro/yen and pound/yen also were at week lows.

And then, when emotional reaction of the tenders reduced the yen again was in sales on all spectrum of the market therefore won back almost completely at previous levels.

So, soon after slump on a background of information from Chinese Central Bank the dollar/yen rate grew confidently up to a mark 121.30. And the euro/yen pair was up 100 points from Friday minimum, having met intensive sales at a level 163.70.

Let's remind that current of "carry-trade" still remains a motive power of yen cross-rates as the low level of interest rates in Japan and high - in the majority of the European countries and Northern America keeps these pairs attractive for long-term players.

As a result, at support of yen cross-rates euro/dollar and pound dollar pairs and have received a forward impulse, having risen up to levels 1.3521 and 1.9776 accordingly. It is remarkable that the pound/dollar overcame nearly Friday top.

Let's notice that growth of euro/dollar and pound/dollar rates were not prevented by strong data on preliminary value of University of Michigan consumer sentiment index in the USA for May. We remind that value of the indicator made 88.7, at the forecast 86.5, and the previous value 87.1.

On Monday a primary factor of trade for the majority of the market’s players will be results of a meeting of representatives of G8 countries, which took place this weekend in Germany.

Taking into account uncertainty of a situation we recommend while to keep waiting position. Only firm breaking out of trading range by one of the parties will specify us a probable vector of the further movement.