Today have been published the preliminary data on GDP growth in the euro area in the 4th quarter. It should be noted that the figure was 0.1% better than analysts' expectations and made 0.3%. In general, during 2014 the EU economy grew by 0.9%. It is worth noting that GDP growth in Germany totaled 0.7%, against an expected increase of only 0.3%. Despite these positive factors, the launch of the quantitative easing program in March will lead to a continuation of the price falling of the euro. In addition, the Fed may raise interest rates in June in case of further improvement at the US labor market. In this regard, we expect achieving parity between the US dollar and the euro in the long term and recommend holding short short-term positions on the euro.