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The German government bunds traded range-bound Tuesday amid lack of any significant data through the day. However, markets are eyeing the release of the country’s employment report for the month of September, scheduled to be released on September 29. Also, European Central Bank President Mario Draghi’s speech, due on the same day will be watched out for any future direction in the money market.
The German 10-year bond yields, which moves inversely to its price, traded flat at 0.40 percent, the yield on 30-year note hovered around 1.20 percent and the yield on short-term 2-year also traded steady at -0.70 percent by 09:20GMT.
With the German election result having raised question marks about the ability of the Merkel-Macro axis to address deficiencies in the single currency’s policy framework, the euro remains more than 1½ cents weaker than before the weekend while periphery spreads have widened. But while – being wary of triggering a taper tantrum – Draghi was unsurprisingly in dovish mode yesterday, emphasising that a ‘very substantial’ degree of monetary accommodation was still needed, if sustained the current constellation of market events – a weaker euro and higher oil prices – will support the near-term inflation outlook, giving the ECB greater confidence in its ability to steadily phase out its asset purchase programme next year.
Given its fear of triggering an undesirable tightening of financial conditions, we certainly don’t expect it next month to announce an end date for QE. But with the economic growth outlook still higfavorableable, the higher the oil price and the less elevated the euro, the greater the likelihood that the ECB will be able to wrap up the asset purchase programme around next summer.
Meanwhile, the German DAX traded 0.15 percent higher at 12,614.00 by 09:20 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -74.06 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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