Yesterday's American data could not support dollar greatly. The index of industrial production in the USA for August made +0.1 %, at the forecast of +0.1 %. Thus the previous value is revised downwardly from +0.2 % up to 0.0 %.

And the capacity utilization in the USA made 82.1 for August, at the forecast 82.2. Thus the previous value is revised from 82.2 up to 82.1.

As a matter of fact, the market almost ignored announcement of results of meeting of Governing Council of Bank of Canada, which decided to leave overnight rate at the former level, 4.50 %. Absence of market’s reaction was caused by that the given decision was in line with experts’ forecasts.

As a result after the publication of results of meeting a rate the American dollar/Canadian dollar remained practically at a former level, nearby 0,98.

And yesterday the main driver became the publication of TICS report which showed that in August in the USA net outflow of funds was observed. So, in August net foreign purchases were registered, made $69.3 billion, and also net outflow of funds at a rate of $163.0 billion whereas in July, its net inflow of $94.3 billion was observed.

And, net purchases of long-term securities by the American investors made $34.5 billion, at the same time investment into short-term securities increased by $33.9 billion However, official foreign institutes in August sold long-term securities for the sum of $24.2 billion whereas sales of private foreign investors made $10.6 billion.

For the majority of economists these data, which showed vulnerability of the American economy, were "surprise" without exaggeration. So, sales of long-term securities of $69.3 billion held a sad record, the same record became also outflow of funds, $163.0 billion.

Though it is early make long-term forecasts according to TICS as it is obvious that so pitiable result of the report was caused by the crisis of the mortgage lending which was obviously aggravated in August, however, such scale outflow of funds in August cannot be ignored.

Whether TICS data will be the testimony of the beginning of the tendency, or in a view of a positive situation on equity markets of the USA in September, inflow of the foreign funds renews - the next reports will show. However, the majority of experts are not inclined to negative summarizing of yesterday's data.

We, as before, predict strengthening of dollar positions against all basic currencies. Weakness of TICS data only delayed realization of this movement. In our opinion, today's growth of the European currencies vs. dollar can confirm incapacity of currencies for the further growth then there will be correction expected by us.