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German 10-year bunds hit lowest in over 1-month in succession to U.S. Treasuries, higher-than-expected April manufacturing PMI

The German 10-year bund prices slumped to over 1-month low Monday, succeeding similar trend in the U.S. Treasuries, which is likely to hit the 3.00 psychological mark, in a scenario of improving risk appetite, following a plethora of geopolitical causes and impacts.

Also, the country’s manufacturing PMI for the month of April came in higher than market expectations, which also weighed on safe-haven assets.

The German 10-year bond yields, which move inversely to its price, jumped 4-1/2 basis points to 0.63 percent, the yield on 30-year note also surged nearly 4-1/2 basis points to 1.29 percent while the yield on short-term 2-year traded 2 basis points higher at -0.53 percent by 10:20GMT.

The IHS Markit Flash Germany Manufacturing PMI meanwhile registered a reading of 58.1 in April. Although little-changed from March’s 58.2 and pointing to another strong monthly improvement in overall manufacturing sector performance, this was the lowest reading since July 2017.

Further, April saw the IHS Markit Flash Germany Composite Output Index tick up to 55.3 from 55.1 in March. The latest reading pointed to a solid overall rate of business activity growth that was above the survey’s long-run average (since January 1998), with rates of expansion in both manufacturing output and services activity picking up slightly since March.

Meanwhile, the German DAX slipped 0.19 percent to 12,517.43 by 10:25GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 7.26 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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October 23 10:00 UTC Released

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