an active appreciation of the EUR /USD, evolved yesterday against the backdrop of the major locations of American trezheriz indicates that the backup system at the moment is far from the plans for the reduction of monetary expansion in order to support financial markets. U.S. leadership was able to at the beginning of this month to enlist the support of its major economic partners in the policy pursued by the Fed on monetary segment.

Against this background, the additional demand for UST by central and state funds, which appeared as a result of the American Ministry of Finance of consultations with the Government of China and in the framework of the summit G8, it seems, would allow the U.S. Treasury did not increase, at least on the basis of the June meeting previously announced volume purchase instruments of state of the mortgage debt with an open market. This FOMC decision on the basis of the June session would help to reduce inflationary expectations in the United States and the world at large.

worth noting that the price pressures by curbing the tightening of monetary conditions in the current situation appears, in general, inefficient. As shown 2008-2009. mainly the result of these measures would be a significant deterioration in the global investment climate, and then a decline in the prices of essential commodities. Therefore anti-inflationary emphasis of U.S. policy in the medium term will move in the direction of administrative measures and actions aimed at strengthening international cooperation in crisis management.

Regarding the impact of the FOMC meeting today at the rate of American currency, the lack of effort on their part to support the expectations of the winding down of the soft monetary policy the Fed to be a negative factor for the USD. Perhaps in the coming weeks, the market will see continuing growth in quotation EUR /USD. However, in the long run to the end of this year, reducing the likelihood of the outcome of the euro to the dollar from current levels seems to remain relatively high. In light of the ongoing conservation of the actual problems of the banking and fiscal areas of the EU countries, the relevance of meaningful outcome measures of strengthening the monetary incentive for European economies in the coming quarters will increase.

macroeconomic data released Tuesday were mixed. However, in general, they seem to correspond to the medium-term market expectations related to the gradual stabilization of the situation in the world, above all, the American economy. Sales in the secondary housing market, the U.S., according to yesterday's data, in May, TG increased to 4.77 million against 4.66 million in April 2009and were, thus, the maximum volume from November 2008 levels. At the same time, their importance to be slightly below the average forecast of specialists, is in this case, 4.8 million The June index of business optimism in the industrial sphere, calculated FRB of Richmond, in June TG recovered at 6 points, in line with average market expectations. The previous month, this indicator stood at 4 Fri. The index of industrial climate in the euro area, according to yesterday's statistics, published by Markit Economics, in June TG increased up to 40.5 pt. to 39.6 pt. in May 2009, its average forecast, however, in this case was slightly higher at 40.9 points. A similar indicator for the services of EMC, on the contrary, in June TG demonstrated a reduction to 44.3 point to 45.2 pt. in May of this year and the average expected market value equal to 45.6 pt.

This mixed background information to activate a morning shopping in the carry trade is positive for the entire segment of relatively high signal to risky assets. Japanese investors, who actually missed during the May rally liquidity in the coming weeks, taking advantage of lower prices of risk assets is not excluded, will increase its presence in this segment of the investment.

situation in the Japanese economy as a whole continues to support such a choice of financial strategy. In particular, according to today's information, the trade surplus of Japan, taking into account seasonal changes in May, TG amounted to Y222, 4 billion against the average forecast is Y250, 0 billion the previous month for the Value of the indicator was, however, markedly lower at Y81, 7 billion and, in general, on the basis of recent months, the index shows slight improvement in their indicators. However, it is unlikely in the foreseeable future, a positive foreign trade balance of Japan will recover to pre-crisis level of around Y900 billion a month. As a result, businesses of Japan there is a need to diversify investments by foreign assets. Against this background, in general, medium-term outcome of the devaluation of the Japanese currency on the FX seem to remain relevant.