So, at it was expected yesterday, the Federal Open Market Committee of the US Federal reserve system took a decision to raise the federal funds rate on 0.25 % up to a level of 4.50 %.

Thus FOMC final instruction, which caused the greatest interest of the market’s participants, says that in spite of the fact that last economic data can be treated ambiguously, however economic activity is strong.

And basic inflation remains quite low, and long-term expectations of increase of inflationary pressure remain under the control.

However, at the same time, the energy prices have potential of growth that can strengthen price pressure.

As a result FOMC considers that some further toughening of monetary policy will most likely be necessary to poise economic growth and inflationary pressure.

The data, published yesterday, having been mixed, have not been noticed by the market, on a background of expectations of FOMC meeting.

Let's remind that Chicago Purchasing Managers' Index, reflecting business activity level in the Middle West of the USA, decreased to 58.5 points in January, 2006 from 60.8 points in December.

And the experts surveyed by Reuters agency, predicted PMI cut to 59.8 points.

Let's notice that value of the index above a mark of 50 points means activity in sector, below - letdown.

Thus the employment index went down to 50.2 points in January from the revised December 50.9 points, earlier it was informed on 51.7 points.

The new orders index reduced to 63.7 points from the revised 65.7 points, thus the former value was 66.7 points. And the price index dropped to 75.3 points from the revised 81.1 points, earlier it was informed on 83.8 points.

The consumer confidence index in the USA for January has been above analysts’ forecasts.

So, on experts’ forecasts, expecting growth of the index up to 104.5 points, the index rose up to 106.3 points in January, 2005 from 103.8 points in December.

Let's remind that originally December value of the index was at a level of 103.6 points. Thus the index of an estimation of a current situation raised up to 128.4 points in January from 120.7 points in December, the previous value - 121.5 points. And the index of expectations reduced to 91.5 points in comparison with 92.6 points, the previous value made 91.6 points.

And number of those who believes that "now to find job difficultly", decreased to 20.3 points from 22.5 points a month earlier, the previous value 22.2 points.

To calculate the index NFO Research Inc surveys about 5.000 American families by Conference Board request.

As a result, after this publication it became obvious that restoration of consumers confidence to a national economy, which has fallen essentially after the hurricanes and a rise in petroleum prices, that led to maximal consumer expenses rise in December for five months.

Thus experts notice that a primary factor, supporting a high level of consumer confidence, is a situation on a labor market, which keeps improving.

The Ifo President Hans Verner Zinn, having declared, that he is completely sure that ECB will soon increase the interest rate, provoked the additional intrigue in the market.

Let's remind that the last time the central bank increased the rate on 0.25 % in December that became the first increase since 2001. ECB next meeting is planned for tomorrow.

It is also necessary to notice that after OPEC message that the cartel took a decision to leave production of raw material at a former level, the oil prices keeps down. However, despite this anxiety about a situation around Iran, does not enable oil quotations to realize a deep correction.

Let's remind that now the market’s participants wait for the report on oil stocks of 1.3 million barrels. March futures for oil WTI in New York fell in price on 55 cents up to $67.80 for barrel.

And on today morning at electronic session oil traded in area of $67.50 for barrel.

While, before situation clears up, we recommend to continue to hold a temporizing position. The players, keeping dollar/canadian sales, should to keep them.