European Central Bank yesterday and as expected left its key interest rate at 1% per annum. This statement of its President Jean-Claude Trichet, as we see, has caused frustration among investors of the European market government debt, primarily - in the bondholders of "periphery" of the EU.

Mr. Trichet yesterday, in particular, noted that the ECB has "always been inelastic in its policy of supporting the requirements of the Stability and Growth Pact countries in the euro area".

The European Central Bank continues, therefore, adhere to the principle of priority, the normalization of public finance of EMC, despite the fact that this practice hampers economic recovery.

According to Mr. Trichet, the dynamics of the economy the euro zone this year "may be unstable. In this case fiscal policy pursued by EU countries may be a "burden" for monetary policy controls, which means slower than in some other developed countries the rate of folding practice of monetary incentive credit sphere of the ECB.

Additional pressure on the quotations of European government debt had yesterday the results of the next meeting of the Bank of England, who decided on the time to suspend its program to repurchase the bonds from the open market.

The data of macroeconomics, published yesterday, it is noteworthy indicator of the trade balance of Switzerland in December this year, which amounted to CHF 1.36 billion with an average forecast, and its previous value at 2.3 and 2.14 billion CHF, continued testify in favor of weakening the Swiss franc on FX in the medium term.

Factory orders in Germany in the last month decreased by 2,3% (m /m). In this case, the average forecast and the previous value of this indicator amounted to 0,2% and 2,8% (m /m). According to a growing number of specialists, the dynamics of Germanic GDP in the last quarter of 2009 g.mozhet again demonstrate deterioration. According to Societe Generale economist O. Gasne in Germany, and EMC as a whole "shortage of demand in a wide range of industries needed to restore it".

The amount of applications for unemployment benefits in the U.S. for the week ended Jan. 30 of this year rose to 480,000 at the average expected value of this indicator specialists at 460 000 and 470 000 for the previous week.

If the current data on the number of employed in industries outside of agriculture in the United States will demonstrate the reduction of less than 100,000, the financial segment of the risky investments, and, with it, the euro will probably soon expect some increase in prices. However, in general, these macroeconomic and financial statistics, including those relating to employment of America continues to testify in favor of re-evaluation of the market waeeith increasing current level of investment risk.

Medium-term mitigation potential of the euro to U.S. dollar may not yet implemented.

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