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The German bunds plunged during European session Monday after investors have largely shrugged-off the lower-than-expected Ifo business climate index for the month of November, released today.
Investors will now be focussing on the European Central Bank’s (ECB) President Mario Draghi’s speech, scheduled to be held today by 14:00GMT for further direction in the debt market.
The German 10-year bond yields, which move inversely to its price, jumped nearly 2-1/2 basis points to 0.361 percent, the yield on 30-year note climbed 2 basis points to 1.012 percent while the yield on short-term 2-year traded flat at -0.637 percent by 10:45GMT.
Sentiment among German businesses weakened further this month. The Ifo Business Climate Index fell to 102.0 points in November from 102.9 points (seasonally adjusted) in October, marking its third consecutive decrease.
Companies scaled back their assessments of the current business situation albeit from a high level. Their business expectations also clouded over. Together with other indicators, these results point to 0.3 percent economic growth in the fourth quarter at most. The German economy is cooling down.
Meanwhile, the German DAX jumped 1.18 percent to trade at 11,324.24 by 10:50GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -54.57 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
