EUR/USD (1.5397)

European & US sessions forecast levels: 1.5300/1.5490

Trend Sessions: European: Neutral

US: Neutral

Market Focus: 8:30 AM NY Empire State Index, 9:00 AM Net Foreign Purchases, 5:00 AM EU CPI, Core CPI.

Daily Strategy: The speculations with the oil and caused high inflation are on the focus for the traders. The both key banks ECB and Fed prepare to raise the interest rates due too the high inflation. The Fed officials by Bush administration continue to send new signals for strong dollar. But the latest fundamental news does not send such signals. After the high jump of US Unemployment rate to 5.5% the fears for continue deeper into recession remain. It is too early to talk about recovery of the dollar. The Asian markets open flat. The trading today will consolidate at the current levels.