The main surprise of Friday was the publication of the US trade deficit which in April decreased much more strongly than forecasts and made $58.5 billion.

Let's remind that experts expected drop only to $63.3 billion. And data for the last month were also reconsidered downwardly -$63.9 billion to -$62.4 billion.

In economists’ opinion April decrease was caused by falling of import 1.9 % or $3.6 billion to 187.98 billion, meanwhile export was up 0.2 % or $0.2 billion to $129.48 billion.

And the main reason of drop in import became reduction of import of cars by $1 billion, the pharmaceutical goods by $1.2 billion, works of art by $0.3 billion, telecommunication equipment by $0.3 billion and TVs and videotape recorders by $0.3 billion.

And the main reason of export gain was growth of soybeans export by $0.5 billion.

Trade balance deficit over the countries made: with China -$19.4 billion against -$17.2 billion in March, with Japan -$7.4 billion against -$7.bln. earlier, with OPEC countries -$9.8 billion against -$8.7 billion, with the new industrial countries -$0.4 billion against -$0.1 billion.

We also remind that despite strong data on the US trade balance the dollar rejected to continue its growth and finished week trade in a narrow range.

Unexpected exception on Friday became a rate of the New Zealand dollar, which hiked against the US dollar up to a level 0.7636, maximal since 1982.

And on Monday New Zealand Reserve Bank, being afraid of undesirable consequences for economy, carried out intervention during which sold the New Zealand dollars. Therefore today at the Asian session the rate of the New Zealand dollar has sharply decreased more than by 150 points from a level 0.7630 up to 0.7479.

Let's also remind that today in Australia it is the day off therefore financial market in the country is closed. Thus on a background of falling of a rate of the New Zealand dollar the rate of the Australian dollar also dipped from a mark 0.8443 to 0.8391.

Let's notice that the index of industrial production for April, published today in France, which was considerably below forecasts, could not put pressure upon the euro rate.

Thus, the value of the indicator made -0.8 % for a month, +1.7 % for a year, at the forecast of +0.1 % for a month and the previous value of +0.2 % for a month, +1.1 % for a year.

We assume that after prompt growth of a dollar exchange rate in the end of the last week, some correction in favor of the European currencies is probable. However, before the situation clears up, we recommend to be outside market.