USD

At a person uncertain of markets as to what position they occupy: doesthe glass half empty or the economy is? There is no clear opinion on this matter is not formed, as reflected in the depth of oscillatory movements dollar and иже with him. If it were not for the weak economic reports, we would certainly see another surge in appetite for risk after the 10 largest U.S. banks agreed to distribute their debts. This news is quite positive for Obama and his team: a long time, newly elected President criticized the use of taxpayers' money to rescue Wall Street, fearing that the funds will never come back. But there it was: a step was correct, but the debts are given less than a year!

Against the backdrop of all this euphoria Obama announced his program for reforming the country's financial system. The proposal has yet to gain the support of Congress, is the most large-scale revision of the financial system over the past 70 years, including adding a new body to oversee the major agencies. Will set up an agency to monitor the consumer financial products, Fedrezerv have the right to regulate banks, which are too large to prevent their bankruptcy, while hedge funds and equity funds will state. The proposal is clearly controversial and cause a lot of criticism, because too much authority the Fed may give rise to new challenges, is now redundant oversight.

But beyond all of this positive, there were also bad news. Agency Standard and Poor s rating downgraded 22 banks. In addition, we learned that the May consumer price inflation in the United States recorded the maximum annual reduction of almost 60 years (-1.3%). This is significantly below the target level of the Fed 2% The Bank believes that the appropriate definition of price stability and maximum employment. As late as August CPI rate was at around 5% y /y, followed by falling prices for oil and raw materials and the global recession eased the pressure on import prices. Nevertheless, it is expected that already this year, the annual CPI rate will revert to the zone of growth since the last time the energy went up again. less volatile net index CPI in May increased by 1.8% y /g, more in line with the Fed target level. A separate report showed that the deficit on current transactions in the United States early in 2009 fell on a background of recession and reached a 7-year-old minimum. The number of applications for mortgages last week decreased by 15%, calling into question the stabilization in the housing market. So, all said that that the rumors of an early rate hike by the Fed have been greatly exaggerated.

At the moment, given that for the rest of the week are scheduled to key reports, most likely, the markets will rule uncertainty to the trend away from risk. Today we see the release of applications for benefits b /d, the index of leading indicators and an index of business activity from the FRB Philadelphia. Given the recent weakening of activity in regional performance records similar to the dynamics, we can see in today's release. For data on the labor market continues to at least carefully - the faster the recovery will be jobs, the more reason we will wait for the end of a recession.

EUR

Strong economic data helped the euro strengthened again against the dollar. Not skorrektirovany eurozone trade surplus in April rose to E2.7 billion against revised to increase the surplus in March E1.8 billion, against analyst expectations for the transition rate to negative territory. At present, most important releases are planned, so the market will continue to live their correctional and volatile life, if only by officials will not give a new direction. Of the events of the economic plan is to draw attention to the decision of the Swiss National Bank rate. The level of cost of credit are likely to remain the same, because nowhere to retreat further, but the Central Bank continues to carry out the intervention in the foreign exchange market to support its currency.

GBP

It looks like the British pound yet exhausted its potential to date, because he was unable to continue to strengthen against the U.S. dollar. And there have not been able to help even the relatively positive data from the housing market and cautious tone of the Bank of England protocol. Published Bank of England meeting minutes showed that all 9 members of the monetary policy was unanimous for continuing the program of buying bonds, which have been allocated GBP125 billion, and the abandonment of the maintenance level of 0.5% core rate, which was so that it is too early to judge the effects of the work. The report notes that while the economic news, the previous decision of the Central Bank June 4, most were optimistic, the growth of a number of indicators of confidence in financial markets remains fragile. Thus, MPC makes it clear that it was not too confidence in the recent green escape, and prefer to see the reality of recovery.

Meanwhile, unemployment in Britain rose in May, less than economists predicted. Appeals for benefits b /d increased by 39 300 to 1.54 million in May, representing a minimum growth since July last year. Average wages also noted the strengthening that can support retail sales and consumer spending in the near future. That is what we have to check in today's reports. Besides, to be published data on credit. The growth of both indices can restore confidence in the pound and to support its continued recovery.

JPY

Jena was able to gain 15 out of 16 major currencies since the downturn in the stock markets of Asia led to a demand for risk assets. Meanwhile, the Japanese Government and the representatives of the Central Bank believe that the most acute phase of the crisis is behind us. Demand is beginning to slowly recover, even with difficult economic situation, said the Cabinet in Tokyo. The Bank of Japan said that the second largest in the world economy started to reduce the rate of decline .

Net profit of Gazprom oil for the 1 st quarter of 2009 on the US GAAP decreased by 76% to $ 335 million
In May, The first cargo company to a third of the volume of traffic has increased the export of timber in the framework of the Siberian Express
Net profit of Rostelecom for 2008 under IFRS rose to 12.182 billion rubles
Net loss OGK-6 for 2008 under IFRS amounted to 829.4 millionrubles
The volume of passenger traffic UTair in May 2009 increased by 6,6%
Bank of Russia has reduced the size of the authorized capital of bank Russian Capital to one ruble
Bank of Russia withdrew a license to conduct banking transactions from the bank Compatriots
Trends in Forex during the day once again will be determined by the situation in the capital stages
Review of the FOREX market for 17.06.09