German January trade surplus came in at s.a 8.7 bln euros, down from 16.6 bln in December, and demonstrably weaker than median forecast of 16.0 bln. The news hit the euro with EUR/USD falling to 1.3562 session low. There is some wariness of sovereign buy interest down around 1.3550 and we’ve recovered to 1.3570 at writing.