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German bunds gain after Eurozone November industrial production disappoints; eyes on ECB President Draghi’s speech

The German bunds gained during European session Monday after the Eurozone’s industrial production for the month of November disappointed market sentiments. Investors will now be eyeing the European Central Bank (ECB) President Mario Draghi’s speech, scheduled to be held on January 15 by 15:00GMT.

The German 10-year bond yields, which move inversely to its price, plunged 3 basis points to 0.208 percent, the yield on 30-year note slumped nearly 2-1/2 basis points to 0.815 percent and the yield on short-term 2-year traded 1 basis point down at -0.598 percent by 10:40GMT.

Eurostat, the European Commission’s statistics bureau, said on Monday that industrial production fell by 1.7 per cent between October and November, highlighting the pressures facing the region’s manufacturers. The fall was the sharpest since February 2016. Economists polled by Reuters forecast a 1.5 per cent fall, Financial Times reported.

The decline comes after the German authorities said production in the region’s economic powerhouse had fallen by 1.9 per cent. Industrial production also fell sharply in Ireland and Portugal.

Meanwhile, the German DAX fell 0.71 percent to 10,811.15 by 10:45GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bearish at -171.89 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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