Today was published statistics according to which the index of business sentiment in Germany from the Ifo Institute fell to 106.6 in April from 106.7 in March. Analysts had forecasted a rise to 107.1. Sentiment is pressured by weaker demand in the US and China, but domestic consumption continues to support the country's economy. We expect increased volatility on Wednesday after the publication of the Fed's statement on monetary policy. Fed rhetoric about the timing of interest rate increases may lead to decline in the euro. Our medium-term outlook remains negative with the closest targets at 1.1050, 1.0985 and 1.0850.