Analysis of world markets

USD. The dollar has grown on Tuesday in New York after the Federal Reserve Bank has left key interest rates without change level of 2 %. Analysts assumed that the Federal Reserve Bank could lower rates, after turmoil in bank sector and efforts of insurance giant American International Group Inc. Decrease in the USA rates, simultaneously promoting economy growth, would force dollar contributions to become less attractive for investors, reducing dollar demand and, probably, raising inflation. Also dollar has moved from a sessional minimum in 105.76 against Japanese yen on Monday to 105.82 on Tuesday. Earlier dollar has fallen to four month minimum (103.52) as investors, have been shaken by events on Woll Street. Inactivity concerning rates is represented positive for dollar. But, considering despair AIG capital concerning because of possible bankruptcy and fear about bank balance. Reserve Bank recedes into the background. There were also messages on possible financing AIG by the government. Also on Tuesday the US Treasury Department has published the data about capital inflow in July. Foreign buying of long-term American securities have fallen from $53.4 billion in June to $6.1 billion in July. Buying of short-term securities also as well as exchequer bills have fallen to $8.4 billion In long-term prospect decrease in investments into valuable contributions of the USA just as growing trading deficiency, can hurt for dollar. But shocks in the financial markets in the last have eclipsed some days the today's data.

JPY. Japan Bank Trustees on Wednesday have unanimously voted for preservation of the key interest rate without changes and have confirmed the negative forecasts for Japan economy. In the statement published simultaneously with the announcement of the decision under interest rate, central bank has noticed that "economic growth was languid against the high prices for energy carriers and commoditive materials, and also easing of export growth". Minister of Economics Yosano has declared that the requirement of the USA for the Japanese goods will be slowed down, as the situation in the American economy, seemingly, worsens after bankruptcy Lehman Brothers. Our forecast on yen has not changed is on former weak currency involving traders only low rates at loans. 

EUR. Annual inflation of consumer prices in an eurozone in August has decreased against delay of a rise in prices for a foodstuff which has occurred for the first time more than for a year. The consumer price index/CPI/eurozones in August has fallen to 0,1 % in comparison with July and has grown on 3,8 % in comparison with August, 2007. It corresponds to expectations of the market participants. The operating participant of ECB Council Alex Veber has declared that the announcement of Leman Brathers bank bankruptcy and bank sale Mary Lynch measured have increased risks and uncertainty in the financial markets. Thus many European, and especially Deutsche Banks look better against other world banks-giants as have managed to choose correct financial model. The today's statistics on an eurozone will be defining for the markets. 

GBP. The rod consumer price index in August has grown on 2.0 %, at the analysts  forecast for 1.9 %, and the previous growth value for 1.9 %. Inflation, will soon reach a maximum and will come nearer to 5 %, the England Bank Managing director Mervin King has declared. The purpose of monetary Committee to finish inflation target level of 2,0 %. According to the data of the statistics National Office Annual Britain inflation in August has reached 4,7 % - a maximum for 16 years. If the rate of inflation exceeds 3,0 % the head of England Bank obliged to write the explanatory letter to the Finance Minister. "To inflation of consumer prices remains above target level big it is frequent 2009, especially, if pound falling" proceeds, - King has told. Interrogations and a situation in the financial markets shows that inflationary expectations have grown. King has told that the Committee is convinced that the period of reserved economic growth is necessary for delay of a rise in prices, wages and inflation reduction to target level.   

AUD. The index of Australian economy advancing indicators has fallen from 4.0 % in annual calculation in June to 3.7 % in July. The index in which the economy in the following from three about nine months is traced, published on Wednesday, is made monthly Westpac Banking Corp. And Melbourne University's Institute of Applied Economic Social Research. «The result is weak, index growth remains below a trend», - group economist Westpac, Bill Evans. As he said, nevertheless, news not the most bad as revision of the second quarter indicators should show big contrary to expectations profit and productivity of the companies. Good results have been connected with proceeding fast lifting in extracting sector.« These changes of an index put a puzzle before the Australian economy. Growth is distinctly slowed down, and even index recalculation will be co-ordinated with this phenomenon », - tells Evan. Reduction of prices on coal to 4-month  minimum at level of 140 dollars for ton confirms these forecasts. However commoditive export deliveries from Australia still are at high enough level so strong falling it is not planned.