The yield differential between U.S. and German government bonds continues to narrow, which could lead to an increase in the flow of government bonds. The yield differential between U.S. and German government bonds continues to narrow, which could lead to increased capital flows to Europe. capital flows to Europe. Since the beginning of the year, the spread between 10-year U.S. and Germany has narrowed by 62 basis points to 158 bps. This was the the largest quarterly decline since 2008, with the exception of periods of pandemic. The main reasons for the narrowing of this gap are related to differences in the economic policies in the US and Europe. As for the local dynamics, since March 19, EUR/USD has been demonstrating a downward trend, although it has regained almost almost all of its value. a downward trend, although it has recovered almost half of the losses since last Thursday. last Thursday. Among the news that can influence the trading dynamics, today the markets are expecting the publication of the preliminary data on the index. are expecting the publication of preliminary data on the consumer price index in Germany and the business activity index. Germany and the index of business activity in the industrial sector in Chicago, which is a leading indicator of business activity in the industrial sector. Chicago, which is a leading indicator of the U.S. economy.