These days the most significant event for investors was the hike of oil quotations showing an opportunity of oil rally continuation.

Let's remind that quotations on WTI oil are already approaching a level of $67 for barrel. The main reasons of growth are fears concerning supplies from Iran and the intense situation in Nigeria.

If the situation around Iran has the political underlying reason connected with the Iranian nuclear program in Nigeria periodic militant attacks on oil objects lead to a rise in oil prices. We shall remind that 7% of oil consumed in the USA are produced in this African country.

As a result yesterday's tenders on NYMEX were closed at a level of $66.37, maximal since September, 29th, 2005. Growth of quotations has made 2.45 dollars per a barrel during the trading session. And already today at the electronic tenders oil has achieved $66.70 level.

On this background the last statistic data on the European and American economy are not noticed practically.

Let's remind that the industrial production index in the USA made +0.6 % for December, at the forecast  +0.7 %. And the previous value has been revised from +0.7 % up to +0.8 %. Thus growth of industrial outputs has been observed the third month successively.

The capacity utilization in the USA made 80.7 for December, at the forecast 80.7. And the previous value has been revised from 80.2 up to 80.3. The indicator is in line with the expectations and is maximal since November, 2000.

However the publication of NY Empire State Index for January has put the greatest pressure upon a dollar exchange rate. We shall remind that at the forecast 22.0, value of the indicator made 20.1.

Thus the previous value has been revised from 28.7 up to 26.3.

The situation around the Japanese yen also keeps affecting other currency pairs. We shall remind that the yen rate is under pressure of significant reduction of the stock index Nikkei that has fallen 462.08 points today that is almost 3.0 %.

And already today falling of Nikkei index has proceeded that is why the tenders at Tokyo stock exchange were stopped that happened extremely seldom in history.

As a whole, with the approach of the end of month, the market’s participants concentrate more and more on FED meeting on rates on January, 31st. Last statements of the American officials have frightened many investors about the fast termination of rate increase in the USA.

These anxieties have been supported by the last weak data on PPI and retail sales in the USA for December, as a result that weakened positions of the American currency even more.

Besides statements of some politicians strengthen these fears. So, for example, the Head of the Economic Department of Bank for International Settlements William White declared at the end of the last week that he did not only exclude the probability of dollar decrease, but he also supposed an opportunity of its falling.

Let's notice that for example, Mellon Bank, which has published yesterday the forecast of the world Central Banks rates, excludes any changes of rates of the US FRS, ECB, Bank of Japan and Bank of Canada since March and up to the end of current year. Thus Mellon Bank analysts suppose that the Bank of England will lower the rate on 25 basic points in the second quarter of this year.

The publication of the whole block of significant data, which have all preconditions to speed up a dollar downtrend, is planned today. We shall notice that values of today's releases will be considered by members of the US FRS FOMC at meeting on January, 31st.

So, at 13:30 GMT there will be published:

- A consumer price index in the USA for December. The forecast  +0.2 % for a month, the previous value -0.6 % for a month;

- A consumer price index except for the prices for foodstuffs and energy carriers in the USA for December. The forecast  +0.2 % for a month, the previous value +0.2 % for a month.

And at 14:00 GMT the publication of TICS data is planned. We shall remind that after the report of data of the US trade deficit balance, these data will be in focus of the investors’ attention.

Let's also remind that the previous value of volume of American assets purchases by foreign investors made +106.8 billion dollars for November.

Considering uncertainty of today's situation, and the importance of evening releases, we recommend keeping a waiting position.