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During yesterday’s session have been received some signals for improvement of the US currency. The strong data that has been released by US yesterday, as well as the falling prices of the crude oil and the increased speculative expectations for increase of the overseas interest rates, helped the greenback, who for third consecutive day continued getting more and more expensive. The new values of the Internal Gross Product for the first quarter of this year came as the predicted results - 0.9% against the previous 0.6% and this suppressed the fears of upcoming recession. The economy events from today will present the indices for personal profits and expenses as we expect to have slight decrease. Will be released the data for the Chicago index PMI for which our prognoses is that will keep the same level of 48,3, as well as the Michigan index of the consumer trust, that will keep also the same value of 59,5.

The euro went back with almost a cent and half against the dollar and approximately 50 points against the GBP during the yesterday’s session, when after the floating mixed data the market players were more insisting. The data for the unemployment in Germany for May showed 15 years bottom of 7.9%, however the change came up quite surprising when the index showed increase of the petitions for unemployment help for first time since January 2006 and this data succeed in surprising the investors. Today from the Eurozone will be released the data for the level of unemployment as we expect the index to remain unchanged and the inflation index for the harmonized index of the consumer prices for which the expectations are directed to 3,6% against the previous of 3,3%.

The British pound could regain after the fall during the European stock session, when the announcement of the data for the housing sector came up much weaker than expected. The national index of the builders shrink to -2.5% in May and the housing prices drop with 4.4% year early. For the moment the housing sector remains a weak node in the chain of UK economy.

The dollar constantly have raised against the rest of the major currencies due the yesterday’s european session, however the data that was released with the opening of the US market stopped this climb. The report of the Merchant Department indicated that the new orders of long-term goods have fallen with 0.5% due April.

Today the economy calendar of USA will release the preliminary Internal Gross Product of the country for the first quarter, as the expectations are directed to raise of 0,9% against the previous 0,6%, that most probably will support the greenback during the session today, as well as the weekly unemployment requests, that we expect to reach 370K against the previous 365K.

In the Euro zone the biggest challenge for the European Central Bank will be the stability of the prices, due the decrease in the economy growth speed. The recurring balance has been announced yesterday and it has reached a new bottom record -15.3 billion euro, after the strong currency has affected negatively on the export. The increase of the German index for consumer prices to 0.6% on monthly basis is a sign that the inflation is the major problem, however the market has been concentrated on the fall of the gold and crude oil prices and this pushed the euro to a new bottom. Today will be released the change in the labor occupancy for Germany which value is expected to kick levels of -25K against -7K from the previous month, which would pressure on the euro once again.

The Japanese Yen was exposed to mass sell trades and the pair USD/JPY again tested the zone around 105,00 due the good data from USA.

The British pound was following the euro in his way down in the European session, however succeeded to get on it’s feet with a cross buy against the EUR and the JPY. Today interest will be the national index for the housing prices, for which we expect to reach value of -0,5% on monthly basis against the previous -1,1% as well the CBI ballance of the retail sales for May, as our prognoses are focused on value -19 against previous -26.

During the yesterday’s session the trade with the major currencies was with a quite low volatility, due the holidays in Great Britain and USA. The dollar seemed unstable on the Asian trade session, due the growth of the oil prices and the instability of the US economy. Today’s economy calendar for USA will show the data from the housing scope. Will be announced the new value of the housing price index for which we expect shrink to -14,5% against the previous -12,7%, as well as the sells of new homes for which we expect slight fall to 520 million against previous 526 million. Interest will cause the consumer trust index for May, for which we predict levels of 60,1 against 62,3. This most probably will result in another pressure point for the greenback against the rest of the major foreign trade currencies.

The euro maintained a short range, but received support from the rising oil prices. Today will be announced the data for the total Internal Gross Product of Germany for the first quarter, for which is expected to keep the same rate of 1,5% on monthly and 2,6% on annual basis, as well as the GFK index for the consumer trust, expected with a slight fall to 5,7 against 5,9 from the previous month.

In conditions of relatively calm trading market, the GBP was exposed to a range trade as well, since the markets in UK and in USA remained close for the holidays. Today will be announced the data for BBA’s approved mortgage credits.

The pairs that made significant movements during the session are AUD/USD and NZD/USD, as both of them are attactive high-value currencies at the moment. NZD/USD made a pick of 79.16, and AUD/USD reached 0.9623.