Today, was published the data on the consumer price index in the euro area, which rose by 0.4% in September compared with the same period last year. This figure was 0.2% more than in the previous month. Core inflation was 0.8%, which coincided with forecasts of analysts. According to our estimates, inflation may allow the ECB to start cutting the amount of asset purchases from the current 80 billion euro per month, which will strengthen the European currency. Our medium-term outlook for the euro is negative with targets at 1.0700 and 1.0550, in anticipation of the Fed's tightening of monetary policy in December.