Today was published important statistics on the trade balance of Germany, whose surplus in April totaled 24 billion euros, against the forecast of 21.4 billion euros and 23.7 billion euros in March. It is worth noting that exports have not changed, despite the expected decrease by 0.6%. At the same time the volume of imports fell by 0.2%, compared with a forecasted growth by 1.2%. The German economy is the largest in Europe and has a strong influence on the dynamics of the euro. According to our forecasts, the price of the European currency may continue the current growth in the near future, but our medium-term outlook remains negative.