The Eurozone's balance of payments surplus declined in November, despite the expected growth rate. Thus, the surplus totaled 18.1 billion euros against 19.5 billion in the same period of the last year. Negative for the index was the weakening of the euro exchange rate against the currencies of major trading partners. Despite the decline, the trade balance and balance of payments in the euro area continue to show strong results. Given the weak statistics and expectation of monetary policy easing by the ECB, we maintain a negative outlook for the euro with the objectives of 1.12 and 1.10.