Yesterday's macroeconomic data supported the activity of multiple bulls segment on vysokoriskovannyh assets. The index of leading indicators for the United States may TG showed an increase of 1.2% (mm) against the average forecast, and its value in April 2009, equal to 0.9% and 1.1%. Calculated FRB Philadelphia regional U.S. business climate indicator in industry in June TG increased up to -2.2 point to -18 pt. expected, on average, specialists.

The Swiss National Bank yesterday left unchanged its target rate is LIBOR, which is 0,0-0,75%, and noted that it would continue the policy of quantitative easing and remained prepared to act decisively to prevent its currency to FX.

However, despite the increase in energy prices quotes, shares, an increase of purchases in the carry trade, quotation EUR /USD, seems to show reluctance to resume growth. Yesterday, the currency pair has not been able to overcome the resistance of 1.4000, which, in terms of technical indicators, is at the moment, further decline in future weeks. It is necessary in this regard to note that a positive correlation between the dynamics of the euro to the dollar and the trend value of risky assets is not a process based on the linear dependence (Fig. 1). In the face of tightening control over the security of investments, increasing the price volatility of the market seems to be very selective in the choice of the correlation relationships for use in their trade practices. Many market relevance, timeliness in previous years and quarters, now stop working. Among recent examples - the reduction rate USD /JPY, developing on a background of relatively strong growth rates of American trezheriz.

If you invest in risk that have recently dominated the market, bypassed as a result of EU countries with their economic and financial problems, we may be witnessing a declining rate EUR /USD on a background of rising prices for raw materials, improving the quotation of shares and corporate bonds.

Russian ruble to the USD and bivalyutnoy basket today by 10:30 Moscow time was 31.17 and 36.67 rubles. against, respectively, 31.11 and 36.65 rubles. rub. at auction on Thursday morning.

In the future, the next day a strengthening currency, Russia on the international market be due to the easing of tensions in the financial segment of the Russian Federation and started in the middle of this week, a gradual increase in energy prices.

However, growing up in recent weeks, the medium-term financial and economic risks are still significant opportunity to create a Bear course correction on RUB FX in a longer time period.

Now on the Russian stock market at a good volume of traded shares of Sberbank, Gazprom and Rosneft
Recommendations on the stock market: LUKOIL, MMC Norilsk Nickel, Rostelecom, Gazprom, Mosenergo, Surgutneftegaz, Sberbank
The first half of the trading day Friday at the Russian market was not able to identify a common trend
MICEX Index: formed downstream channel
If positive action against Gazprom can turn to the upper boundary of the medium channel
Today, the completion of trading session on the Russian market are likely to be held in the negative area
Recommendations for futures on RTS index on Friday
The relative positions of the oil recovery can provide a reasonable support for the Russian market
In the first half of the trading on FORTS September futures on RTS index found support in the region of 99 000 items