In January, trade surplus of Germany decreased since plunge in imports was more than a drop in exports. According to the Federal Statistical Office, exports dropped 2.1% in January to 96.3 billion euros ($105.57 billion) when adjusted for seasonal and calendar variances. Imports declined 0.3% to 76.6 billion euros. The trade surplus decreased to 19.7 billion euros in January from 21.6 billion euros in December.

Germany was criticized for depending too much on exports. The country also didn’t import much to offer support to economies of other European countries.

Analysts had predicted a drop of 1.2% in exports and a 0.6% increase in imports. The trade balance reached €19.7bn ($21.38bn) from €21.6bn in December compared to a market consensus of €21.1bn. The current account balance declined to €16.8bn from €25.6bn.

The euro was somewhat off the 12-year low and on 6 March it went ahead of the German data. However, after release of numbers, it showed weakness. The EUR/USD reached 1.0861 from the earlier close of 1.0849 in early Asian trade but dropped to 1.0857 after the data.

Focus of the market is now on inflation data for February due on 12 March. Nevertheless, the eurogroup meeting will soon be conducted to decide the things. It will be attended by the eurogroup president, the president of the European Central Bank and the finance minister of each member state.

Output of French and Italian industries for January and Greek inflation data for February will be released on March 10. And French non-farm payrolls for the fourth quarter and inflation of Portugal will be out on March 11.