23.01.2015 - Decline of the euro has accelerated again

Statistics on the economic activity in the euro area remains controversial. Thus, the manufacturing and service PMI in the euro area rose to 51.0 and 52.3 against 50.6 in January and 51.6 in December. At the same time, the manufacturing PMI in Germany fell to 51.0, against expected 51.8, which triggered a wave of sales. Additional incentive for the fall of the euro the next week will be the results of the elections in Greece, which is likely to win the opposition party Syriza, which can lead to problems with the restructuring of Greek debt. At the moment, there is no reason to change the negative trend in the near future the price will reach 1.1000. We recommend holding short positions and maintain the medium-term outlook for the euro.

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