Enjoying a peaceful atmosphere, the euro retains some strength although Spanish government equivocations and protracted negotiations in Greece allow some doubt.

The Moody's decision not to declassify further Madrid’s rating eased markets. Now, investors are anxiously awaiting the Spanish Prime Minister makes a request for assistance from European union.
In Greece, negotiations with the Troika started in September on a new austerity plan will continue, conditioning the payment of new aid of € 30 billion.

However optimism is dominant thanks to encouraging macroeconomics and lower long-term rates. Besides, China has announced an unexpected acceleration in exports in September and the rate of Portugal return to a low of 18 months.

Technically, the bias remains bullish and we maintain an objective to USD 1.3445. However, the current pace evolve mainly due to speculation of the Spanish case, the rally could begin erratic phases in the coming weeks.