Today on Monday, on May, 28^th in the USA, Great Britain, Switzerland and other countries there is the day off therefore the financial markets in these countries will be closed.

Let's remind that trade on Friday despite expectations of many market players was in rather narrow ranges and as many dealers noted at small volumes of the tenders.

So, the Japanese yen again was the soloist at the European session. After significant strengthening at the Asian session the yen rate was again in sales of fans of "carry trade". An occasion for the beginning of sales became information that today Northern Korea has launched several missiles on Japanese sea.

Let's notice that a situation around the cross-rates, connected with yen, became attractive to many market players. Thus the majority of other currency pairs are under influence of these cross-rates.

As a result, the pound/yen pair grew up to a level 241.67, the dollar/yen rate rose up to a mark 121.71, and the euro/yen rate of increased up to a level 163.58, that is by 140 points above Friday low.

We also remind that consumer price index of Saxony in Germany for May made +0.2 % for a month, +2.3 % for a year, at the previous value of +0.3 % for a month, +2.4 % for a year. And the consumer price index of Hessen in Germany for May made +0.2 % for a month, +1.7 % for a year, at the previous value of +0.2 % for a month, +1.8 % for a year.

And the refined value of GDP index in Great Britain for the first quarter 2007 made +0.7 % for a quarter, +2.9 % for a year, at the forecast of +0.7 % for a quarter, +2.8 % for a year, and preliminary value of +0.7 % for a quarter, +2.8 % for a year.

But the main event on Friday was considered the publication of data on existing home sales in the USA for April, however in spite of the fact that these data were much weaker than the forecast and reached a minimum level almost for four years, did not lead currencies to overcoming of day time trading ranges.

Let's remind that value of the indicator made 5.99 million, at forecast 6.20 million. The previous value was revised from 6.12 up to 6.15 million.

We still recommend to wait for situation to clear up, being outside the market.