After FRS confirmed adherence to a former economic rate that is to observe balance between risks of delay of economic growth and inflationary risks, investors have finally lost interest in
the dollar.

Majority of analytical agencies consider that FRS rates will remain at a former level or will decrease if the situation on real estate market does not improve. And market received confirmation to it after data about GDP gain for 1 quarter, 2007, data showed that the economy develops at the least rates. In spite of the fact that FRS forecasts significant growth of gross domestic product in the second quarter, investors prefer not to open long-term positions in favor of dollar.

On the contrary, investors show increased interest in euro - the European Central Bank is inclined more resolutely concerning rates and declared that the level of 4 % per annum on ECB rates can be raised at the nearest meeting of Governing Council.

Euro was supported after the publication of data over France.

The index of consumer sentiment in France in June grew up to -12 in comparison with -14 in May, agency of national statistics of France Insee informed.

Economists forecast that June value of the index will make -15. In May the index demonstrated the most scale growth for ten years. Insee informed that households began to estimate more optimistically opportunities of rise in savings, in their opinion the future financial situation worsened a little after hike in May.

The Ministry of Finance informed that unemployment dipped to 8,1 % from 8,2 % in April - a minimum for 25 years. The President of France Nicolas Sarkozy announced about his intention to lower taxes.

Gross domestic product of France in 1 quarter grew by 0,5 % quarter over quarter and +1,9 % y/y, Insee informed. Economists forecast quarter rates of GDP growth +0,5%q/q, + 2,0 % y/y.

Insee informed that economic rise in the second quarter will possibly accelerate after falling in 1 quarter and will reach 2,1 % for all 2007 as world terms show improvement and consumers expenses should grow.

Friday data over the USA put pressure upon the dollar, Chicago Purchasing Managers' Index  decreased to 60,2 in June against the previous parameter.

As a whole market moods are against the dollar after the publication of FOMC decision on rates, eurodollar quotations can return again to historical tops. If market expectations will be justified this week according to the US labor market - it can likely happen.