The Eurozone's trade surplus continued to rise for the fifth month in a row. The main stimulus for the growth rate was the decline of the price of euro which supported the investors as well as the fall in oil prices. In December figure rose to 24.3 billion euros against 21.2 billion in November. Imports fell by 2%, while exports increased by 1%. In 2014, the trade surplus totaled 194.8 billion euros, against 152.3 billion in 2013. In general, the news should support the euro, but the launch of the quantitative easing program with a monthly repurchase of assets by 60 billion euros and the Greek crisis continues to put pressure on the euro. We maintain our medium-term negative outlook for the euro and recommend holding short positions.