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