The dollar however increased to yen 11805 yen

Inflation, over the economic slowdown, remains the main area of concern of the US Federal Reserve. This is what reveals the account, published yesterday in its last meeting on 25 October, at the end of which it had maintained unchanged interest rates. If most of its members expect a slowdown in inflation, core inflation "remains uncomfortably high level", indicates the Fed in its "minutes". An increase in wages could, on the other hand, lead to inflationary pressures. These comments, which away from the prospect of a decline in the rate of the Fed, made back obligations: the 10 years it is stretched 5 basis, 4,6111 points last night. The dollar, however, increased to yen, 118,05 yen. The euro was, him, 1,2820 dollar, against 1,2806 the previous day. A little earlier in the evening, the greenback was sustained by better results than expected for an index of industrial activity in the area of New York.

The statements of Dominique de Villepin on the foreign exchange policy were followed with attention, even if elles do not appear to have had impact on the euro. Highlighting the problem of parity entering, the Prime Minister had proposed Tuesday night that the Union acquires a "monetary shield" and a "real strategy of change" incorporating the objectives of growth, industry and employment protection.

Decline of the yen against the euro

The attack against the policy of the ECB at the time the euro higher against the dollar and reached an all-time record against the yen warned operators. "The Europeans will not remain passive in an excessive appreciation of the euro against the dollar and the yen," said Antoine Brunet, strategist at HSBC. "What is this statement will be followed by any other third party by European politicians". "This is the question that is now," stressed another strategist.

The yen continued to fall against the euro yesterday, 1 euro to 151.22 yen, against 150.85 Yen the day before. In this context, the statements of officials of the Bank of the Japan at the end of their meeting today will be very followed. If an increase in Japanese interest rates is not expected in the immediate future, economists expect to a recovery at their next meeting in December, or even in January and expect indications to that effect. A monetary tightening could give colors to the yen, particularly against the euro. Its impact could be limited, said Stephen Jen, responsible for the changes in Morgan Stanley research. "If the yen is weak at the moment, it is because the Japanese individual investors prefer to buy us securities, taking advantage of the high level of the dollar." This is not an increase of a quarter of a point of Japanese rates will change their behaviour.

Finally, the pound fell yesterday after the quarterly report of the Bank of England believing that inflation, at 2.4 in October, could reach 2.7 by end of 2006, and then fall back to 2 mid-2007, earlier than expected. The prospect of another round of monetary screws fades.