After the publication of minutes of last FOMC meeting forex traders again started to sell the dollar. In spite of the fact that in the text of the minutes of FOMC meeting it was not said directly that FRS is going to lower the interest rate at next meeting on October, 31st analysts considered that the general tone of the meeting specifies that monetary policy appeasement is quite possible.

This opinion is confirmed by last statements of Heads of Federal Reserve Banks of Saint Louis and San Francisco William Pool and Janet Yellen.

FOMC member W. Pool considers that inflation now is in controllable limits and dollar easing did not affect a rise in import prices. Janet Yelen has the same opinion.

She noted that conditions for the next drop in the interest rate in 2007 can develop even if the markets of capital do not face new financial shocks. Besides she added that last reappraisal of risk in the credit markets is in itself the event, inhibitory growth of the American economy that can specify necessity of the further appeasement of monetary policy.

The European currencies received support after rigid comments of the Head of the UK Central Bank Merving King. At a briefing in Belfast King declared that despite critical situation with liquidity of the financial markets the central bank will not reduce the rate of Bank of England, having emphasized that inflationary risks remain prevailing.

Under impression of the text of FOMC minutes the dollar decreased during last two days. However tomorrow it is quite probable that bears will close a part of their positions. The issue of data of the US Department of Commerce for August Trade Balance and Department of Labor Jobless Claims is expected tomorrow

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The market expects a positive on these two economic news. If market’s expectations are justified a short-term uptrend on euro will weaken a little.

While we remain off the market and continue to observe a situation.