The dollar has remained stable despite the growing oil and stock indices

Euro-dollar topchetsya at the same place, in the range of 1.32-1.34, while the general optimism in the markets continues to grow. Today barrel mark WTI have cost 57.60 dollars. Yesterday, the Dow Jones closed at 1.21% growth in the new 4-month maximum 8512. A U.S. bonds, respectively, fall, returns a 10-year Treasuries has risen to 3.24% (recall that the decision of the Fed early debt redemption at the last meeting led to a sharp drop in yield from 3.0% to 2.5%, but since the bond only to lose in price). Do markets have a more significant cause for optimism than the indices of attitudes: data from the agency yesterday ADP employment in the private sector came noticeably better than the forecast decline in employment was only 491 thousand to 742 thousand previous Perhaps the vast stage of the fall of U.S. economy already really behind, but this does not mean that the economy will soon spread, it can be weakened as long as you want and more, just more slowly. Although the head of the Fed Bernanke believes that economic growth will resume by the end of this year. But we still see no reason why the U.S. economy could start to recover. After all, nothing to stimulate demand in the economy has not yet been done, and unemployment continues to rise. Today is expected to increase the accumulated applications for unemployment in the United States on April 26 from 6271 thousand to 6350 thousand And on Friday, along with Nonfarm Payrolls, which is expected to be -600 thousand, will be published by the unemployment rate for April, is expected to increase to 8.5% up to 8.9%. From these data the current optimism in the market is absurd, but that is the nature of the market, we have previously predicted that there will be growth without serious grounds. Surprising only flabbiness euro on such a background, even the pound sterling for several weeks, significantly increasing the dollar. Perhaps the situation will change after today's ECB decision. The market is waiting for Trichet's words as to whether the ECB will be in one form or another to run the printing press or not. However, it seems to us that at the rate of 1% of the quantitative easing to say it is too early, and Trichet is unlikely to say today is something negative for the euro. We continue to expect growth in the euro to the 1.42 mark before the end of May.

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