Today there is the main event of the week - the Federal Open Market Committee of the US Federal Reserve System meeting. This is the last Committee meeting under the direction of Chairman Allan Greenspan.

The majority of analytical agencies does not doubt that the federal funds rate will be raised on 25 basic points, and till 4,5 %. So the FRS rate of refinancing becomes equal to the rate of Bank of England for the first time for the last 5 years.

It is most likely that the market has already won back this news. The Committee comments on the current economic conditions and prospect of monetary policy this year are the most important for the market.

As it has already been noticed the market assumes that with the retire of apologist of a tough line in economic regulation Alan Greenspan from a post of Chairman of the Board of Governors of the FRS – FRS monetary policy will be softened.

Many analysts consider that rates have reached an optimum level at which risks of inflation growth and manufacture stagnation are poised, therefore the cycle of constant FRS federal funds rate increase can be stopped.

Meanwhile, events, connected with the oil market, have supported the dollar after hike in price to a level $58 for barrel. Today the market expects one more important event - the OPEC summit in Vienna.

At late morning tenders in Asia the oil prices decreased owing to ???? ministers indications that at today's meeting in Vienna they are going to keep the current industrial quotas making up 28 million of barrels a day now.

Before this under pressure of Venezuela and Iran, the members of this cartel, OPEC intended to lower a quota of a day oil production. Yesterday OPEC Board declared that all ???? members agreed to keep former quotas on oil production at tomorrow's meeting in Vienna

However, in some analysts’ opinion, as a whole, the oil prices keep bullish because of the unsolved problem around Iran, also in Nigeria as hostages’ release has not solved greater conflicts in the country.

So some experts believe that volatility of the prices will be kept, and in April-May they can achieve the mark $71-$ 72 for barrel before summer automobile season in the USA and its great demand for petroleum.

Consumers’ personal expenses data have rendered a local support to the dollar.

Personal incomes in the USA grew in December, but consumer expenses grew more quickly. Growth of consumer expenses has appeared bigger than it was expected, while rates of savings were in line with expectations.

By the end of year according to Department of Commerce growth of expenses made 0.9 %. Personal incomes, adjusted for seasonal variations, climbed 0.4 % in comparison with the last month. In November, on the refined data, their growth made 0.4 %. Earlier it was informed that incomes have rose 0.3 %.

In December, real durable goods expenses picked up 5 % after growth of 3.7 % in November. In the quarterly report durable goods expenses have made 17.5 % - the largest falling for 18 years, because of sharp reduction of car sales.

Expenses grow more quickly than small incomes, and savings have fallen 0.7 %. Savings are negative the seventh month in a row. For a year the savings were negative on 0.5 % for the first time since 1933.

Since yesterday the technical picture has not changed. Quotations are in an equilibrium zone 1,2070 - 1,2185 on euro. Expecting FOMC decision the market is dull - the tenders have the minimal volume of transactions. The market does not doubt in the decision of FRS rate increase up to 4,5 % per annum, however the market’s main attention will be directed on the comments after the decision. The quotations’ movement depends on how these comments will be regarded by the market. Therefore, now before this event it is better to remain outside of the market.