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May 04 - 02:55 AM

EUR/USD - Germany's Shrinking Surplus Will Undermine EUR/USD

By Jeremy Boulton  —  May 04 - 02:15 AM
  • Germany's trade surplus shrinks to EUR 3.2 billion in March

  • Surplus matching low seen at the peak of the COVID-19 crisis in March 2020

  • Surplus has been declining since beginning of 2021

  • Surpluses are running far lower than before pandemic

  • Big reduction in support for EUR from the engine of eurozone economy

  • EUR/USD has fallen from 1.2349 peak in Jan 2021 to 1.0470 in 2022

  • The negative impact for EUR/USD is going to increase



EUR/USD and Germany's trade surplus Click here

Source:
Refinitiv IFR Research/Market Commentary

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