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The German government bunds jumped sharply Monday ahead of the Eurozone’s fourth-quarter gross domestic product (GDP) and the European Central Bank’s (ECB) monetary policy decision scheduled to be held on March 7 and 9 respectively.
The yield on the benchmark 10-year bond, which moves inversely to its price, slumped nearly 3 basis points to 0.32 percent, the long-term 30-year bond yields plunged 4-1/2 basis points to 1.10 percent while the yield on short-term 2-year bond moved lower by nearly 1-1/2 basis points to -0.81 percent by 08:40 GMT.
The ECB is expected to maintain its dovish stance at the meeting this week although inflation has reached the 2 percent target. The ECB has said it will not change its monetary policy based on such a rise in inflation and in the introductory statement from the latest ECB meeting it was communicated that 'the Governing Council will continue to look through changes in HICP inflation if judged to be transient and to have no implication for the medium-term outlook for price stability'.
Further, German retail sales fell unexpectedly by 0.8 percent on the month in real terms in January, data released by the Federal Statistics Office showed on Friday. The January figure came in sharp contrast to a Reuters consensus forecast for a 0.2 percent rise.
Lastly, investors will be closely eyeing the 5-year auction, scheduled to be held on March 8, besides the trade balance, due on March 10 for detailed direction in the debt market.
Meanwhile, the German stock index DAX Index traded 0.73 percent lower at 11,942 by 08:40 GMT, while at 08:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 128.56 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
