Yesterday the dollar tested small pressure and was rolled away within the limits of a sideways near a level of resistance of the top border of a currency corridor on euro and pound sterling.

FOMC did not surprise the market, the decision to leave the rate without changes, was predicted by almost all analytical agencies.

The decision to leave the rate at a level of 5,25 % per annum was made by 10 Committee members vs. one. The single Committee member - Jeffrey M. Lacker, known for his hawkish sights has traditionally voted for increase of the federal funds rate by 0,25 % per annum.

In comments to its decision FOMC again confirmed an idea stated by some representatives of federal banks, about delay of economic growth, which is first of all reflected on cooling of housing market.

Committee members also gave big comments on inflation, which is recently the main object of FRS attention.

They noticed that the level inflation still remains high and approaches closely a critical target level. However, high levels of use of resources and consumer potential of the Americans have the good dynamics capable to help economy to sustain pressure of inflation.

Nevertheless, the Committee considers that some risks of inflation remain, and does not exclude that in the further the rate can be raised. The committee will make a decision depending on a current economic situation, comparing risks of inflation and risks of delay of economic growth. The degree and a choice of time for any additional strengthening of monetary policy will depend on character of the coming information.

The majority of analysts believe that FRS can leave the rate without changes until the middle of the next year as low rates of economic growth and reduction of inflation will enable FRS not to interfere in process of economic restoration up to former rates.

Especially Ben Bernanke - the Head of FRS Governing Board, declared repeatedly that at present the main prerogative of FRS policy is soft landing after 2 year cycle of permanent increase of the rate carried out by former FRS head - Alan Greenspan. The economy of the USA has successfully passed peak of rise, now the main task is to balance risks of inflation and risks of stagnation.

Yesterday the dollar tested local pressure from oil market. December futures for oil were closed yesterday on NYMEX with strong growth, above a level $60 a barrel, it is a maximum level of oil prices for last month.

Growth of activization of purchases of oil futures was promoted by analysts’ forecasts about drop in stocks of distillates in the USA before winter period, and also an aggravation of a situation around Iranian question. The USA again initiated political pressure upon a management of Iran.

The US State Secretary Condoliza Rice once again called Security Council of the United Nations to approve application of sanctions against Iran in reply to continuation of the uranium enrichment works. The USA prepared a package of measures on restriction of deliveries to Iran, that in turn can limit oil deliveries from Iran, that at once will affect the world oil market. We remind that Iran is the largest oil supplier after Saudi Arabia in OPEC.

Despite pressure, which the dollar tested for the last some days, growth of euro quotations on dollar happens while within the limits of a downtrend and consequently it can be considered as correction of a downtrend.

Positions of dollar European currencies are balanced and chances are equaled therefore while we remain outside the market.