Analysis of world markets

 The economic which long remained flexible, despite delay of rates of increase in the USA, now sharply weakens. Now four of five largest economics - the USA, Eurozones, Japan and Great Britain balance on the verge of recession. Economic easing also leads to sharp revision of many profits forecasts corporations that results in special traders attention to the last. Last week there were cases when results it is better than the forecast on the separate companies stimulated the market to move contrary signals from macrostatistics.

 USD. Prompt growth of dollar early in the morning on Friday at the New York session after jump of the prices for oil the day before at night, has forced dollar to reach a two-year maximum in relation to pound and six-month-old - in relation to euro. The economic given USA have a little supported dollar as industrial FRS report of New York has shown that in August activity in region has slightly grown. The dollar can get the further support from the amplified consumer confidence of the USA and the low prices in the commodity markets owing to steady easing of demand. The index of consumers mood according to Michigan University in August has grown to level 61.7 points, at the previous value 61.2 points. And the oil price on Friday has fallen during the auctions to 1,4 %, gold - on 2,2 %, copper - on 1,3 %. We expect continuation of dollar strengthening as the prices in the commodity markets will continue to fall, however dynamics of the auctions promises to be quickly changeable. Though in first half of 2008 economic growth was better than expectations, in the long-term period a situation with economy and a dollar current rate not so iridescent. Growth of the USA gross national product became possible only thanks to FRS program on maintenance of liquidity and consumer demand stimulation through tax returns of the government. For the present early to consider that financially-credit crisis has ended, as the prices for the real estate still continue to decrease. The prices for habitation to the USA which are the key factor for the forecast on economy and the financial markets, will start to be stabilised in first half of 2009, the Federal reserve system (FRS) former head considers the USA Alan Grinspen. At the best gross national product will start to grow on 2.5 % by 2010. Current strengthening of US dollar is faster the the weak reason data from the Eurozone, rather than owing to restoration of the USA economy. If next week there is a number of weak news across the USA correction will be inevitable.

 JPY. The yen current rate after an exit of the data about negative value of gross national product has got accurately expressed movement towards falling to all other currencies. The sales of yen caused by negative statistics will push its levels. The Asian share markets have decreased on Friday that has led to falling of summary index MSCI Asia Pacific following the results of thirds week already end against essential reduction of prices on commoditive materials and amplifying fears concerning economic easing. The summary index MSCI Asia Pacific considering a situation in 14 markets of Asian-Pacific region, has gone down to closing of the auctions on 0,6 % - to 124,87 points - a minimum level since August, 7th in 2006 year.

 EUR. The news negative of last week hardly will allow the euro to other currencies in the beginning of week will become stronger. Up to an exit of the important statistics on Tuesday turn and correction it is not necessary to expect. However continuation of the European growth actions on Monday can help formation positive relations to euro. The European share indexes have grown on Friday thanks to airlines and the retail companies which stock quotes have grown against falling of the prices in the commodity markets. The favorable impression on investors was made by reports of some European companies. It became possible as reduction of prices on the commoditive goods has weakened the investors fears connected by that world Central Banks will be compelled to raise rates constrain inflation. The central Bank of Germany has given to the Eurozone economy forecasts growth according to which, gross national product gain this year will make 1.2 %, and in 2009 0.1 %

 GBP. The British economy, possibly, moves to the first recession for last 15 years. Retails in Great Britain have fallen in July to 0,9 %, manufacture in a manufacturing industry - on 1,3 %, the prices for habitation have decreased for a year on 9 %. The number of the declared bankruptcies in England and the Wales has grown in the second quarter to quantity 2 927, against 2 775 bankruptcies last year. The number of creditors bankruptcies has grown on 18 % to quantity 5 625.

 CHF. The Swiss franc has fallen to a new 6-month's minimum 1.1000 against US dollar, against universal strengthening of the American dollar. Decrease in optimism of consumers in Switzerland puts considerable pressure upon national currency as participants of the market expect possible decrease in the interest rate by Switzerland Bank.