macroeconomic data published yesterday in general are not contributing to further building up short positions in the market segment risk investments.
The index of business climate in the manufacturing sector of America according to the ISM in January of this year risen to a mark of 58.1 points versus 54.9 points in the previous month and their average forecast is equal to 56,1 points.

The December performance indicators of private incomes and expenditures in the United States amounted to 0,4% and 0,2% (m /m) against the average forecast for this indicator is equal to 0,3%. In this case, their previous values have been revised to increase to 0,5% and 0,7% (m /m) against 0,4% and 0,5%, according to preliminary information.

Should, however, be noted that included in the calculation of the index of industrial climate ISM index of prices paid in January of this year increased to a maximum in recent quarters mark of 70.0 points. The annual growth rate of this indicator proved to be the highest since early 50-ies of the last century, well above the average levels of its changes, prevailing over the past decade, indicating a limited potential for future growth benchmark index ISM as a whole.

Emphasis is placed also fairly low dynamic recovery of construction costs in the United States. Also according to yesterday"s information, they are in December 2009 decreased by 1,2% (m /m) with an average forecast of reducing that figure by 0.5%. Previous changes in the value of this indicator has been revised downward to -1.2% (m /m) against -0,6% (m /m) previously. Last year the construction costs in the U.S. economy fell by 10%, which is still a consequence of the unfavorable situation in the sphere of private lending America and developed countries in general.

On Monday, U.S. President Barack Obama unveiled a draft budget that the surplus the state treasury in the next fiscal year will increase to $ 1.56 trillion. against nearly $ 1.4 trillion. up to 2009

Under the plan the U.S. administration, by 2013, America"s current account deficit will be reduced to $ 0.727 trillion., Or up to 4,2% of GDP. Then, in the period up to 2020 the federal deficit again gradually increase to $ 1 trillion. However, with the growth of the U.S. economy during this period, say, 3% (g /g) on average, the ratio of budget deficit to U.S. GDP wil1000l be reduced to 5,5% against 10,6% in the current fiscal year.

Investors, judging by the indicators of market volatility, rather reacted positively to this information, indicating the continued U.S. leadership of a centralized policy of state support of the national economy.

Should, however, noted that a fiscal stimulus program proposed by the U.S. administration, aimed at stimulating the real sector of the economy. At the same time, the sector of banking services and portfolio investments will continue to feel pressure from the government financial policy. In particular, the draft budget proposed to increase the U.S. required the Federal Deposit Insurance Commission (FDIC) the level of reserves to total insured deposits from the current 1.15% - 1.5%, as indicated value of this indicator was "inadequate level of risk and loss banks, has taken shape in the period of weakening economy ".

Credit organizations, such a measure, if implemented, could cost tens of billions of dollars.

Medium-term potential for improved calculation of indicators of market risk and volatility remains. Rate EUR /USD, may continue to decline in coming months.

Nevertheless, short-term prospects of the currency pair, look relatively favorable, including, subject to technical factors.

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