Expecting the protocol - 22.11.2011

US Dollar The US dollar continued consolidating higher than 78 figure (current level 78.4) keeping its growth potential at least up to 80 - six-month high. Fundamentally, the picture of American economy is contradictory. Retail sales volume has been slowed down in growth, and an inflation pressure has been eased, however, consumer spending were higher than forecasts and business activity in the manufacturing sector is pleasantly surprising. Special attention today should be paid to the FOMC protocol on November 1-2, as the last Fed meeting results completely messed investors up: tone of the speech turned out a little more optimistic but comments by Bernanke and the GDP forecasts reflect worries concerning the future of the Country. So hopefully the outcoming protocol will clarify the situation. Euro There is no important statistics on the Euro zone for today, so the temporary pressure lowering on the Euro can be expected. But it should be kept in mind that the Euro zone has time for solving its problems running out. Consideration the Euro as a depressive instrument cannot stopped and revised unless market participants see the key features or comments from the officials(including new leaders of Greece and Italy). British pound The British currency has been stayed under pressure during the trading session on Monday, but the demand for GBP/USD at 1. 56 from the Retail accounts allowed the pound to gain some stability. While the Bank of England tries finds the arguments for the British economy incentives, and if it develops in accordance with the BOE scenario, another quantitative easing in February 2012 can be expected.