The world exchange markets are in a condition of dead calm before FOMC decision on federal funds rate.

As it is expected FRS for the first time since the middle of 2003 will reduce the interest rate. The decision will be published today, closer to the end of the American trading session, at 22-15 Moscow time.

Chairman of FRS Governing Council Ben Bernanke at a briefing at the end of the last month which declared that the Federal Reserve was ready to resolute actions, with the purpose of overcoming crisis in the market of crediting and to prevent its negative influence as a whole on economy.

These statements of FRS Head were regarded by the market as a signal to the beginning of more liberal policy of the Federal Reserve, especially on a background of slump of the US labor market. We remind that during four years the economy of the United States did not experience such sharp decrease in offers of new workplaces that was observed in August of this year.

Now the market has the only question concerning today's FOMC decision on the rate how much the rate will be reduced. Last week the market of futures for the interest rate showed that the probability of reduction of the rate by 0.5% increased essentially. However on Monday dealers of this market closed a part of positions on futures by 0.5% that means that the rate will most likely be lowered by 0.25%.

However whether the rate is reduced by 0.5% or 0.25% the dollar will begin its decrease against euro and yen, the matter is that how much smooth this falling will be. In case the last script happens that is if the rate will be reduced by 0,25 %, before falling the dollar can designate correction.

Meanwhile, the dollar can get unexpected support on pound sterling. Pound sterling falling is observed last days both on dollar and on euro. The phantom, which wandered in New World, has appeared already in the Old World, it is a phantom of crisis of mortgage lending. Last victim of crisis in the credit markets of the world and the first in Great Britain was the fifth on size mortgage bank Northern Rock. On Friday it faced problems of fund on the money market. Investors are panic-stricken and withdraw their holdings. In experts’ opinion this situation may outgrow into crisis of all bank system of Great Britain if the government does not take special measures. On this background positions of pound sterling which earlier were  almost in unison with the single European currency - the euro falls promptly.

On euro, as a whole it is possible to say that global uptrend on dollar which began in October, 2006, will receive an additional impulse today.

On the open positions: stop on euro is kept at 1,3820, at fixed profit.