As it was predicted by the majority of economists yesterday ECB Governing Council decided to raise interest rates in Europe (13) by 0.25 % up to a level of 4.00 %.

Let's remind that as this ECB decision was not unexpectedness by players, the basic focus of attention was directed to ECB press conference.

As a result, as statements of ECB President Trichet concerning arrangements on struggle against inflation in Eurozone were less aggressive than market’s players expected, the rate of single European currency was under some pressure and dipped to a level 1.3485.

Besides a dollar exchange rate was supported a little by positive data on the American economy. We remind that the refined value of labor productivity index in the USA for the first quarter made +1.0 %, at the forecast of +1.0 %, and preliminary value of +1.7 %.

And the revised value of unit cost in the USA for the first quarter made +1.8 %, at the previous value of +0.6 %.

We also remind that yesterday there was the next meeting of Governing Council of New Zealand Reserve Bank on which the decision to raise the basic interest rate by 0.25 % up to a level of 8.00 % was made.

For the majority of experts this decision became unexpected as at the previous meeting on April, 26th the bank increased the rate by 0.25 %.

As a result, after that decision of New Zealand Reserve Bank the rate of the New Zealand dollar grew up to a level 0.7566, maximal since 1982.

However the main event today is the end of two-day meeting of Monetary Policy Committee of Bank of England in London and the announcement of its decision at 11:00 GMT.

Let's remind that according to forecasts of the majority of experts the basic interest rate on repo transactions will be left without change at a level of 5.50 %. We also remind that at last meeting on May, 10th, 2007 the bank made a decision to increase the rate by 0.25 % from 5.25 % up to 5.50 %.

Our yesterday's recommendations for sales with minimum lots of rates dollar/franc and dollar/canadian from levels 1.2225 and 1.0700 hold good, however were changed a little bit. So, considering dynamics of dollar/franc growth we do not exclude its growth to levels 1.2270-90 where sales of a rate should be strengthened.

The situation with dollar/canadian "is strongly adhered" to position on energy market, therefore we recommend on this pair while to be outside the market.