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The German bunds jumped during afternoon session Tuesday after the country’s producer price index (PPI) for the month of October rose, albeit meeting market expectations. Investors will now keep a close eye on the country’s 5-year auction, scheduled to be held on November 21 by 10:40GMT and the European Central Bank’s (ECB) account of monetary policy meeting, due on the following day by 12:30GMT.
Besides, Germany’s gross domestic product (GDP) for the third quarter of this year and November manufacturing PMI, both due by the end of this week, will add further direction to the debt market.
The German 10-year bond yields, which move inversely to its price, slumped nearly 2-1/2 basis points to 0.354 percent, the yield on 30-year note plummeted 2 basis points to 1.031 percent and the yield on short-term 2-year too traded 2 basis points lower at -0.658 percent by 09:50GMT.
Producer prices for industrial products were 3.3 percent higher in October 2018 than in October 2017. Last year's increase was + 3.5 percent in December 2011. In September, the annual rate of change was + 3.2 percent. As reported by the Federal Statistical Office (Destatis), producer prices rose 0.3 percent m/m in October, less than in September (+0.5 percent).
Also in October 2018, the price trend for energy had the greatest impact on the development of producer prices overall. Energy was 9.4 percent more expensive than a year earlier. A higher rate of inflation compared to the previous year had last occurred in November 2011 (+ 10.4 percent). Compared with September 2018, energy prices rose by 1.1 percent. Excluding energy, producer prices were 1.6 percent higher than in October of the previous year. Compared to September 2018, they remained unchanged.
Meanwhile, the German DAX lost 1.17 percent to trade at 11,112.63 by 09:55GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -46.18 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
