yesterday, the Fed has kept the refinancing rate at the level of 0,00-0,25%, extended until the end of October, TG the period of its programs on the open market repurchase of treasury bonds and retained in full its plans to acquire a quasi-investment commitments of American mortgage agencies.

It should be noted that under the FOMC issued after the conclusion of the August meeting statement, Reserve noted that anyone can edit it announced measures to stimulate lending and to support market liquidity.

In this macroeconomic evaluation Fed have been revised with a noticeable improvement. According to the Fed, the U.S. economy is beginning to show stabilization. For comparison, in June TG Reserve System in the same paper pointed out, only reducing the rate of economic recession in America.

This information led to a favorable response of investors segment investment in risk, with the result that, traditionally for the last few years has caused the appreciation of the single European currency to the USD. The positive correlation quotation EUR /USD and the price segment of relatively high-risk assets, despite its noticeable weakening, is still, apparently, remains relevant. Against this background, in the short term does not exclude continued growth of this currency pair.

Nevertheless, the medium-term prospects of the euro to the dollar was still bear in nature. Macroeconomic statistics provided in the last months of operators FX, continues to testify in favor of the development of such a scenario.

According to yesterday's data, industrial production in EMC in June TG decreased by 17% (g /g) against the expected market decline in the rate of 16.4%. In doing so, the importance of the dynamics of this indicator in May 2009 has been revised to -17.6% (g /g) compared to -17% previously.

This unfortunate trend for the European economy is moving in the global trend against the background of the GDP originating in the United States of structural changes associated with a decline in the share of domestic consumption and reducing the net imports of America. As noted above, this Wednesday, the U.S. trade balance in June TG amounted to - $ 27.0 billion at an average prognosis and significance of this index in the previous month, equal to - $ 28.7 billion and - $ 26.0 billion

Relevance of stimulating domestic demand in the euro area, including - with the use of monetary nature, seems to remain high.

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