Trade at the American session again puzzled many players. We remind that on a background of the publication of ISM index in the USA for June, which was above forecasts, the dollar is continued drop against all basic currencies unexpectedly for many players.

So, value of the parameter made 56.0 at the forecast 55.5 and the previous value 55.0. It is remarkable that pound not only added in comparison with yesterday, but also updated the recent record levels achieved in April. Thus euro as "heavier" currency did not reach only 50 points up to April historical top.

In some experts’ opinion the reason of such reaction to positive release became unexpectedly negative components of ISM index, which assume reduction in the index again below 50 points already in the nearest future, that as a result will specify the beginning of recession moods in the country.

So, in economists’ opinion growth of total of ISM index was caused by hike of industrial component up to 60.3 from 59.3 points. And other important components of the report showed not only have rise but also decreased. So, for example, decrease was observed in components of stocks and time of delivery, and the extremely important component of employment was down from 51.9 to 51.1 points.

Let's remind again that the basic driving force for euro and the British pound are positive expectations of market players connected with increase of rates by Bank of England and "hints" to do the same by ECB President Jean-Claude Trichet.

Let's also remind that almost all economists assume that after increase the last month the discount rate of refinancing remains at a constant level of 4.00 %.

It is expected that in spite of the fact that rates of inflation in Eurozone remain as a whole moderated, necessity of ECB "to watch closely" the further development of events will be motivated a proceeding rise in oil prices, money supply and toughening on labor markets.

Let's notice that though the index of factory orders for May in the USA made -0.5 % for a month, at the forecast -0.8 % for a month, and the previous value was also revised upwardly from +0.3 % up to +0.5 % for a month, the dollar was not yet supported greatly.

We recommend before meetings of two largest world banks (ECB and BE) to remain outside the market. As a whole, after updating of spring tops the euro and pound will most likely "lose interest" to the further growth.