Today, was published the data on GDP growth in the euro area, which totaled 0.5%, vs. expected 0.6% in the first quarter. It is worth noting that in the last quarter of the previous year, the Eurozone’s economy expanded by 0.3%. In annual terms, growth slowed from 1.6% to 1.5%. Deterioration compared with previous estimates will have a negative impact on the euro quotes in the near future and we expect a continuation of current negative dynamics with the objectives at 1.1200 and 1.1050. Our medium-term outlook for the euro also remains negative.