Forex: Tuesday results of the day [M]

On Tuesday dollar has renewed decrease against the basic currencies. Support of euro was rendered with strong report PMI which has testified growth of manufacture in region up to a 5-years maximum.
All-European index PMI which calculated on the basis of data of interrogation about 3,000 managers on purchases, in April has grown up to 56.7 against 56.1 in March that became the maximum value of an indicator since September, 2000.
Economists expected growth of an indicator up to 56.8.
The fact of acceleration of growth in Eurozone can become additional argument in favor of renewal of increase of interest rates by the European Central Bank. Inspite of the fact that the majority of economists do not expect increasing of the rate at the nearest session of the central bank which takes place on May, 4th, nevertheless, during press conference which will begin after the announcement of the Jean-Claude Triсhet decision can hint, that process of increase of rates can be continued in nearest time.
"The European economy continues restoration substantially owing to good results of Germany, " the currency markets analyst of Mizuho Corporate Bank Ltd. Fukui. saies " Triсhet in the performance, most likely will concern inflationary risks having mentioned necessity of display to " vigilance " concerning price pressure that will strengthen expectations of increase of interest rates of ECB that will support uniform currency. "
As a result, now traders have raised probability of increase of rates by ECB up to the end of current year. Profitableness of the three-monthly future contract on interest rates Euribor, with yield time in December 2006 has grown on 3 percentage points up to 3.53 %.

EUR/USD in the beginning of day has got support in area $1.2555. After the publication of European PMI indexes the pair has sharply grown and having absorbed the stops which were settled down above $1.2620 and has reached area $1.2660/65 before the bids have provoked decrease to sale in area $1.2510 where the rate was consolidated before closing day.
GBP/USD in dynamics followed euro. After an output of data PMI the sterling has taken resistance in area $1.8300, and the publication of strong data CBI became the additional factor for growth and has provoked testing offers, placed on the approach to $1.8400. After rebound in area $1.8320 the rate was stabilized near $1.8350. In second half of day growth of a sterling has renewed as a result the level $1.8420 has been tested. The session have stopped in area $1.8400.
USD/JPY in the beginning of day has tested resistance Y114.00, however could not be fixed in the given area then decrease in area Y113.10 has followed. After that the rate was stabilized in range Y113.20/50. The day were closed on Y112.40.

From the beginning of year EUR has grown against USD on 6.8 % on speculations, that improvement of an economic situation will cause the further increase of interest rates in region. At the same time, expectations about the FED rates continue to weaken. Inspite the fact that the majority of analysts is predicted with increases FOMC rates on May's meeting, 10th up to 5 %, the further actions of the central bank is unpredictable. Concerning to the Japanese yen, the dollar managed from area of 7-month's minimum after Bernanke's performance. We shall remind, that on Monday evening the head of FED has declared, that the financial markets have incorrectly interpreted his recent comments concerning a possible pause in the cycle of rates increase.