Yesterday the market was sluggish. On Friday the market "won back" data on Trade Balance and Treasury budget. Large players closed long-term positions expecting the report of the new Head of Federal Reserve System of the USA Ben S. Bernanke.

On February, 1st, 2006 Ben Bernanke assumed officially office of a Chairman of Federal Reserve Board and a Chairman of the Federal Open Market Committee.

This week he should make  FRS first report on the monetary policy at the US Congress.

The market will watch closely this report. This is a debut of the new Head of the basic financial department of the USA. By the highest standards it will be a program statement, determining FRS further policy after A.Greenspan’s era.

He [Bernanke] will represent the average forecasts made by FRS managers, concerning growth of gross domestic product, net inflation of consumer prices and unemployment. Besides Bernanke should state a circle of problems which FRS can face this year.

In opinion of many analysts there are no bases to believe that Bernanke’s views disagree considerably the general opinion expressed in FOMC statement on January, 31st. However Ben Bernanke is known as the adherent of more liberal monetary policy rather than his predecessor Allan Greenspan.

Notwithstanding the fact that FRS new head has declared adherence of former policy, the market expects that in his report Bernanke can state a new approach in FRS strategy, in particular, in the policy of economic regulation by means of FRS rates change - federal fund rates.

Meanwhile the dollar holds its positions. Stabilization of the oil market, falling of oil futures to a level of $60 per a barrel gives support to national currency of the USA.

March contracts on crude oil delivery in March fell in price on 60 cents to $61.24 per a barrel at closing. During the tenders the price dipped up to $60.85.

March futures for natural gas were down 7.3 cents and were closed at a mark $7.243 for one million thermal units.

The oil prices, which have grown almost on 9 % in January on a background of geopolitical disagreements and purchases from funds, now dropped owing to growth of stocks of carbonic energy carriers in the USA. The risks connected with the Iranian problem are counterbalanced by increase in oil stocks in the USA and approach of the interseasonal period, the increased consumption in winter and seasonal wave in demand for oil in summer.

Bloomberg forecast about slowdown of rates of GDP gain in Eurozone in 2005 affects negatively the European currencies. The economists’ research shows that rates of economic growth in Europe, probably, slowed down in the fourth quarter of 2005.

Gross domestic product probably was up 0.3 % against the third quarter when growth was twice as much. The EU office of statistics will publish results at 13.00 Moscow time.

Consumer expenses decreased such companies as "Siemens AG" reduced quantity of jobs, and bills for energy rose. According to statements of Eurocommission and ECB export and investments will stimulate economic growth this year, allowing raising the interest rate.

Today data on gross domestic product of European leaders: Germany, Finland, Greece, Spain and Holland will be published. As the office of statistics informed on February, 10th, rates of growth in France slowed down up to 0.2 % for the 4 quarter.

Before Ben Bernanke's report in Congress of the USA the market will most likely to be dull. The statements of so marked and influential politicians in the world of the finance influence greatly on the exchange markets. The market’s behavior these moments is unpredictable and can be accompanied by unexpected splashes of activity, therefore today it is better to be outside of the market.