Analysis of world markets

USD. For morning of environment the dollar current rate is stable to euro and yen after two federal reserve banks heads statements of the USA in the base rate favour increase. FRS, probably, it will be compelled to lift interest rates to bring down inflation in the USA, without waiting revival of economy and situation stabilisation in the financial markets, the head of Federal reserve bank (FRB) Richmond has declared on Tuesday Dzheffri Leker. Head FRB of Dallas Richard Fisher earlier on Tuesday has warned that FRS, despite reduction of prices on oil, early to relax concerning inflation. The easing of the dollar which has begun against easing the USA share market, on Tuesday became more active in connection with a sharp rise in prices for oil. The combination of two these factors (weak actions and expensive oil) assumes that the economy of the USA should face many difficulties, and the sensation of it puts pressure upon dollar. However the relation of investors to the American currency remains positive as EU economy growth is under the big question. On the nearest some days dollar strengthening, without additional positive statistical datas hardly is possible after the data left on Tuesday. The majority of the American actions of financial sector test strong decrease on Tuesday as investment bank Leman Brazers continues to publish messages on probable sale of the investment management for the indemnification from losses on not returned loans. Actions of the bank have fallen to 8.2 %. As decrease in the price of the regional banks action and the banks which are giving out student's loans. The rise in prices of manufacturers in July has unexpectedly appeared the highest for 27 years as growth of wholesale prices for fuel has provoked a rise in price of some products, including cars and the capital equipment that can put pressure on FRS towards increase of interest rates." Deterioration in the data on the habitation market, were compensated by growth of a manufacturers price index. They, possibly, should be a bit negative for dollar, however the spirit of investors has obviously changed for last two weeks », - Adam Bojton, currency analyst Deutsche Bank in New York considers. 

JPY. The bank of Japan has left the interest rate at level 0,5 %. The chairman of Japan Bank Shirakava has informed that expects economy restoration, however risks of recession are still high. Reduction of prices on energy carriers positively affects development of industrial sector, and lowers inflation risks. Earlier representatives of Japan Bank marked weak economy growth in the second quarter, mainly, owing to the high prices for energy, and export decrease. In July the Bank of Japan has informed that decrease in rates of increase is caused by recession in business industrial sector, and consumption level decrease. The government declared end of a long growth economy cycle of the economy which have begun during post-war time, and the beginning of the recession period. However Shirakava has declared that, according to the Central Bank recession yet has not begun. 

EUR. After release of business indicators expectations in August, the European centre of economic researches ZEW, the president of the organisation Wolfgang Frants, has informed that in order to avoid development of inflationary ECB spiral it is necessary to refrain from rate increase, thus rate decrease also can be reflected negatively in economic development. Gross national product gain in Germany ZEW predicts this year at level of 2 %, and has underlined thus, that he does not see any signs of recession. Also he has noted positive influence on economy of prices reduction on oil. In acknowledgement to it the Index of economic expectations in August in EU has appeared better expectations (-55.7 points, at the forecast decrease of analysts to a mark-65.0 points). These and a number of other data have forced the market to suspend an euro falling and most likely will be observed today lateral flet. 

CHF. The Central Bank is assured that crisis of financial sector has passed a peak mark. Problems in financial sector of Switzerland yet have not come to the end, however the sector is quickly restored, the head of the Central Bank has informed. The severe losses among the European banks were incurred by the Swiss bank UBS which volume of write-offs has made an order of 42 billion dollars. Following bank became Credit Suisse Group which on size of actives takes the second place in Switzerland, and 12 in the world, however its reporting following the results of the second quarter has appeared better market expectations.