Macroeconomic data published yesterday in the whole, it seems, were unfavorable to investment in the risk of "character, indicating slower recovery of the positive processes of world GDP in recent months.

Retail sales in the euro area in December 2009 showed zero change in the monthly calculation of an average forecast of growth of this indicator on 0,4% (m /m) and its reduction to 0,5% in the previous month.

indicator of business climate in the services sector EMC, PMI Services, in January of this year dropped to a mark 52,5 Fri against 53.6 points in December last year. The average forecast in this case, however, was slightly lower, at 52.3 points, but it should be noted that the figure for the U.S. calculated ISM, which in many respects now has the character of a leading indicator, on Wednesday demonstrated a significant deterioration in statistics. Its value in the last month dropped to 50.5 points, reflecting the near-zero rate of recovery of economic activity in the services sector. Expectancy in the market value of this indicator was equal to 51,1 Fri, and its previous value has been revised downward to 49.8 Fri against 50,1 Fri earlier.

Perhaps the U.S. administration announced plans for structural reform of the banking sector of America reflected in this case on the mood of business and, accordingly, the dynamics of this index.

The lack of interaction and understanding between the regulators and the largest financial corporations is currently optional, the political factor, which impairs the process of recovery of investment activity during the growing risks of investment.

Yesterday, for that matter, and se1000veral previous ones, was also marked by continued growth of the market quotations of European CDS. The cost of hedging the risks of default on the Greek government bonds over the past week rose by 20% to 386 points. It is significant that similar indicators for Germany, France and Italy for the last month rose 30%, 70% and 25%.

It is worth noting that the volume only of the Greek bonds in total assets of banks the largest EU states is about $ 250 billion, which is comparable with the general, the IMF projected earlier, the expected medium-term cumulative loss of credit institutions of developed countries in the amount of $ 1.5 trillion.

Against this background, quotes EUR /USD yesterday failed to overcome the resistance of 1.4000. Today the opening of the European session, they fell to near 1.3870 marks. Declining trend of this week the currency pair, thus, retained after the last auction to be relevant.

ruble RF to the USD and against the currency basket of the MICEX today to 11:00 Moscow time was 29.99 and 35.22 rubles. against, respectively, 29.86 and 35.26 rubles. yesterday morning.

possibility of the outcome of further depreciation of the ruble of Russia in the foreign exchange market in the medium term remains.

Correlation dynamics quotation EUR /RUB and EUR /USD at the same time indicates that, while maintaining the current level of the relative value of the single European currency to the dollar, from the perspective of the coming weeks, the target level for the rate USD /RUB is a mark above 31 rubles. for USD.

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