This week as well as previous one was unsuccessful for dollar though activity of dollar bears was not so strong. On a background of expectation of drop in the federal funds rate in the beginning of week traders sold dollar actively, pressure upon the American currency amplified also due to hike of oil quotations which reached almost critical level - 100 dollars a barrel. Therefore by the moment of the publication of FOMC decision the dollar was bought up a little bit and won practically back this important news for the market in advance. After secondary testing a historical level 1,45 on euro dollar departed it a little to a level 1,44.

The reason of this correction were also quite rigid statements of the Federal Reserve, made after the publication of the decision on the rate and also growth of basic inflationary index Core PCE Inflation. These circumstances generated short-term rumors that the Federal Reserve can theoretically return to policy of tough regulation of economy.

However already the next day the market returned to the general tendency on dollar downturn, positive labor market news could not prevent it.

The nonfarm payrolls in October were up 166 000, the US Department of Labor informed. Data for September were revised up to 96 000 from 110 000 originally, August parameter grew up to 93 000 from 89 000 as it was informed earlier.

The unemployment rate in October remained without changes - 4,7 %. Hourly earnings were up 3 cents or 0,2 % to 17,58 dollars that shows low inflationary pressure and upon 3,8 % above a parameter for the same period of the last year. Growth of payrolls in October exceeded twice the forecast.

Economists expected that unemployment in October remained without changes at a level of 4,7 % and that hourly earnings grew by 0,3 %.

As a whole the general mood of the market is still against a trend, however bears’ force proceeding from the last news is practically exhausted, now everything will depend on the current base. The level 1,45 remains strong enough level of resistance, therefore in case of publication of a positive on the basic data of the USA it is necessary to expect correction inside of price corridor 1,43-1,45 dollars for euro.

While we remain outside the market.