So, today is the day off in the USA, Canada and Japan therefore the financial markets in these countries will be closed.

Let's remind that the survey of a labor market in the USA for September was surprise for the majority of market players. And, not a value of payrolls which exceeded a little forecast levels, was unexpected but revision of this parameter for August. We remind that its value was revised from -4 thousand up to +89 thousand that certainly became unprecedented phenomenon.

Here it is necessary to notice that information on decrease in payrolls to -4 thousand in August, “ helped" euro/dollar to overcome the important level of resistance 1.3675, and as a result, formed a new wave of dollar sales on all spectrum of forex.

Let's remind that payrolls made +110 thousand in the USA for September, at the forecast +105 thousand, thus unemployment in the USA for September made 4.7 %, at the forecast of 4.7 %, and the previous value of 4.6 %. And the index of hourly earnings in the USA made +0.4 % for September, at the forecast of +0.3 %, and the previous value of +0.3 %.

It is necessary to notice that the publication of this survey was important for participants of the market as a parameter of the further development of the economic situation in the USA. Besides taking into account these data, experts try to estimate probability of the further drop in the basic interest rates in the USA at FRS next meeting.

We should also notice that after meeting on September, 18th on which FOMC made a decision to reduce the federal fund rate at once by 50 basic points up to 4,75 % per annum, the tendency of dollar sales against all basic currencies received additional acceleration.

At the same time, economists are sure that these actions undertaken by FOMC to preserve economy from influence of global credit crisis, burst out in August after decline of the US housing market provoked a wave of subprime nonpayment, were effective enough.

However, at the same time many experts, having analyzed Friday data, came to conclusion that a positive of data of the US survey of a labor market nevertheless it is not enough to reduce expectations of downturn of a level of the basic interest rates at FRS meeting on October, 31st. We remind that, proceeding from futures for the rate, probability of drop in rate by 0.25 % decreased from 60 % to 44 %.

Objectively it is necessary to admit that Friday data on employment level for September showed that crisis in the market of mortgage lending has not yet touched a labour market, however, the housing market is still in a condition of recession in the country and it, in turn, forces FOMC to undertake the next steps on improvement of a situation in this sphere.

As a result, after unexpected for many players reaction of the market on the American data on Friday, today on a background of days off we predict some dollar-favourable correction. In our opinion the size of this recoil will not exceed the levels achieved by the American currency right after the publication of data of the review on a labour market. However then, during a week eurocurrencies will most likely renew progress against dollar.

As a result, we assume reduction in the dollar/franc rate to a mark 1.1700 then growth of the pair can be renewed. Therefore at the levels close to this mark we recommend to open medium-term purchases of dollar.

As for the Canadian dollar/American dollar rate, which once again held 31 years record, we expect correctional growth. Therefore we recommend to open short-term purchases of the rate from levels of opening of week session.