The consumer price index in the euro area showed a maximum decrease since July 2009. According to statistics released today, consumer price inflation showed a decline of 0.6%, after falling by 0.2% in December. The main reasons for the fall of the index remained low energy prices, and a drop in the cost of food. Despite the positive effect for the Eurozone economy from falling oil prices, deflation restrains the growth of the economy. Starting the program of quantitative easing in March with volume of purchases by 60 billion euros monthly should accelerate inflation in the region. We maintain our medium-term negative outlook for the euro and recommend holding short positions with the potential reduction to 1.10 in the medium term and to 1.00 in the long term.