<b>Forex</b> Last week investors ' attention was riveted on the meeting of the Federal reserve system. As we predicted in the last review, the regulator did not raise interest rates. Eight of the nine members of the monetary policy Committee voted to keep base rate at 0.5%, and only one Committee member voted for a rate reduction to 0.25%. This is bad news for the dollar, which instantly lost all its gains to leading world currencies. So the main Forex pair - EUR/USD moved away from the lower boundary of the trading corridor (1.098) and moved to the top (1.14). However, a sideways trend for this pair is clearly not over, and when reaching the upper border we see an increase of short positions. As regards future prospects, this week the most most interest is the Bank of England meeting, which will take place on 4th August. If macroeconomic statistics will continue to deteriorate, the controller will go for a rate cut from 0.5% to 0.25%. In addition, the Bank of England may go to expand the asset repurchase program. Most likely, it will be bad news for the British pound, which will continue to fall the U.S. dollar. <b>USD/RUB</b> On Friday, Russia's Central Bank decided to keep key interest rate (10,5%) unchanged. The regulator is concerned about the situation with the inflation and increase in nominal wages in the economy. In addition, the CBR forecasts GDP growth in the second half, even with the current level of interest rates. However, stable monetary policy is a positive factor for the rouble halted its decline against the dollar and the Euro. We expect that with stable oil prices, the domestic currency will return soon traded in the usual range of 65-66 RUB per one unit of us currency. <b>Stock market</b> The external background at opening of the Russian stock exchanges is ambiguous. On the one hand, the domestic indices are pressured oil prices, which are in falling trend. In addition, reduced by 0.81% index in mainland China CSI300. On the other hand, futures on American indexes are in the green zone, growing protests in Hong Kong, Japan and South Korea. According to our forecasts, the MICEX index will continue to test historical highs (1970 points), but have not yet seen the factors which will help the Russian stock market confined to a sideways range in which it is now. <b>Alexey Vyazovskiy</b>