In the beginning of this week euro interrupted a week uptrend against dollar.

Dollar bulls got support after Friday positive news on the American economy and could counterpoise the bull pressure of euro players, which within the last week practically won back August losses.

A market of the real estate and the market of mortgage lending remained subject of anxiety of Wall Street. Last week some the intermediary organizations working in sphere of mortgage lending announced about reduction of hundreds workplaces because of narrowing demand for credit products.

However, unexpectedly positive parameters of volumes of durable goods orders and new home sales made traders’ moods calmer, having shown that the US economy has pretty good chances for restoration of rates of growth.

The volume of durable goods orders in the USA in July was up 5,9 % to 230,70 billion dollars from +1,9 % in June. Earlier it was informed that rise in orders was 1,3 %. Less defense orders grew by 2,2 % after drop by 0,1 % in June. Economists forecast growth of durable goods orders by 1,0 % in July.

This is the highest value of this parameter for last 12 months, last time so high indicators of orders growth were observed in September of the last year when volumes of orders raised by 8,8 %.

And new home sales demonstrated growth by 2,8 % up to 870 000 in July, against 846 000 in June. Analysts expected here continuation of recession of a sales gain 825 000.

Preliminary data on business activity in Eurozone and also again accrued rumors about probable drop in rates of the European central bank affected delay of euro growth and consolidation of quotations of single European currency towards dollar.

Traders reacted negatively to decrease in business activity in industrial sector and in service sector of Eurozone. The index of business activity fell to 54,2 from 54,9 in July in manufacturing sector of industry, according to forecasts decrease should have made 54,4. It became the minimal value since January of the last year. In service sector reduction was to 57,9 from 58,3 - a low since March, 2003. The total index made 57,2 from 57,5.

The President of France Nicolas Sarkozy became a source of rumors about possible decrease in ECB rates on Friday.

He asked officially Trichet, ECB Head to break off a cycle of increase of rates of the European central bank and to consider an opportunity of its decrease, before coming crisis, which can arise due to hike of euro and recession in production, deprived from cheap credits. He gave as an example a federal reserve of the USA, which made scale injections of liquidity in the monetary markets for mitigation of a situation in the stock markets and in a monetary policy.

As a whole a situation on foreign exchange markets one might was stabilized. Despite parity of ECB and FRS rates is kept, euro quotations on dollar again were within frameworks of equilibrium currency corridor, limited by levels 1,3600-1,3850 dollars for a euro. Whether euro can overcome a new historical top depends now on the decision of two most powerful financial regulating body - FRS and ECB.

Tomorrow we expect rather quiet day. In the beginning of the American session it is expected data on consumer moods of Americans - Consumer Confidence and the expanded comments to last FOMC meeting - FOMC Minutes. Despite importance of this report the market does not expect any surprises from FRS.

While we remain outside the market.