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The German bunds rallied during European session Friday after the country’s services PMI for the month of July missed market expectations, while eurozone’s retail sales for June remained unchanged, albeit failing to cheer investors.
The German 10-year bond yields, which move inversely to its price, slumped nearly 3 basis points to 0.43 percent, the yield on 30-year note plunged 2-1/2 basis points to 1.08 percent and the yield on short-term 3-year too remained nearly 2-1/2 basis points higher at -0.59 percent by 09:30GMT.
The seasonally adjusted IHS Markit Germany Services PMI Business Activity Index registered 54.1 in July, down only fractionally from 54.5 in June. The latest reading signalled a solid overall rise in business activity, albeit one that was marginally weaker than the trend shown over the past year-and-a-half. Service sector activity has risen continuously since June 2013.
Further, Germany’s composite PMI meanwhile ticked up to 55.0 in July from 54.8 in June, signalling the strongest private sector activity growth since March. This reflected a sharper increase in manufacturing production, the first acceleration on a month-on-month basis since April.
Eurozone’s seasonally adjusted volume of retail trade for the month of June, increased by 0.3 percent in the euro area (EA19) and remained stable in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In May, the retail trade volume increased by 0.3 percent in the euro area and by 0.6 percent in the EU28. In June 2018 compared with June 2017 the calendar adjusted retail sales index increased by 1.2 percent in the euro area and by 1.9 percent in the EU28.
Meanwhile, the German DAX rose 0.58 percent to 12,619.10 by 09:45GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -18.96 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
