The data on the trade balance of Germany pleased investors. Thus, the surplus in March was 23.6 billion euros vs. expected 20.4 billion. The previous value was 20.0 billion dollars. Exports to the country grew by 1.9% while imports fell by 2.3%. It should be noted that the surplus was the highest since 1990. This factor supported the euro, but the strengthening of the US dollar may lead to a continuation of the negative dynamics of the euro. We maintain our medium-term negative outlook for the euro with targets at 1.0700 and 1.0850, but do not rule out resumption of price growth to 1.1500 and 1.1620 in the near future.