The dynamics of yesterday's auction to FX, apparently determined in the auction sale on the difference in interest rates.

The closure of long positions on it, intensified on Wednesday, apparently due to the negative expectations of investors in the upcoming publications of the quarterly corporate reporting in the United States, as well as a large block of American, global macro-economic statistics, which will be released onto the market in the second decade of the month .

The main issue that will determine the market situation in the coming months, it seems, is whether the monetary incentive measures used in the global economy in recent quarters, have been effective in terms of their impact on macro-and microeconomic processes .

typical in this regard issued yesterday for a rather cold tone of a joint declaration of G8, in which the Group of Eight countries indicated as some signs of stabilizing the economic situation in the world and the risks remaining at the moment, including - in global finance. The world's leading regulatory structure takes, to a certain extent, fence in the area of crisis management. However, according to documents summit G8, intend to undertake further individual and collective actions designed to restore an active, stable and sustained growth of world output and GDP.

Given that the world's largest country, has traditionally demonstrated consistency in its anti-crisis policies, it appears that the analytical structure of Eight expect in the coming months, improvements in the most important statistics that affect the dynamics of prices of investment segment.

However, the information received yesterday, including - to the sector operators on the high-risk assets, was, in general, in fact, quite favorable.

Index of consumer lending in the United States in May, TG amounted to - $ 3.2 billion against the average forecast of equals - $ 10 billion, and its significance in the previous month, revised from a relatively small decrease, to - to $ 16.5 - $ 15.7 billion previously.

At the same time the financial performance of all five U.S. companies, published its quarterly figures on Wednesday, were generally more positive than expected by specialists, for example, First Call.

Against this background, as we can see, quotes, EUR /USD opened the bidding on Thursday to mark the growth of near about 1.3830 to 1.3940 on Wednesday evening.

From the standpoint of short-term period, the rate of EUR /USD for reconstruction in the bull trend, obviously, needs to be re-gaining a foothold on the points above 1.4000. However, the medium-term potential of the apparent decline of the currency pair that seems to remain relevant. Countries EMC come in during the active phase of anti-crisis late in relation to the United States, and soft monetary policy, coupled with slow economic growth - not the best option for the formation of the influx of foreign investment into the European market.

Russian ruble to the USD and bivalyutnoy basket today by 11:00 Moscow time was 31.89 and 37.52 rubles. against, respectively, 31.79 and 37.35 rubles. on the bid yesterday morning.

The recent gradual appreciation of the ruble to bivalyutnoy basket Bank of Russia and the USD in the coming months, possibly as a result of continued, even in the face of improvement in the financial markets of Russia, as compared with the current period.

Increased government measures to stimulate the growth of credit in the domestic market of the Russian Federation in the current environment is likely to contribute to the development of this trend.

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