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The German bunds slightly rose during European session Wednesday ahead of the European Central Bank’s (ECB) monetary policy meeting, due to be held on March 7 by 12:45GMT, besides, the eurozone’s gross domestic product (GDP) for the fourth quarter of 2018, scheduled to be released on the same day by 10:00GMT, which will add further direction to the debt market.
The German 10-year bond yields, which move inversely to its price, fell 1-1/2 basis points to 0.151 percent, the yield on 30-year note also slipped nearly 1-1/2 basis points to 0.791 percent and the yield on short-term 2-year suffered 1 basis point to trade at -0.511 percent by 09:50GMT.
Looking ahead – in the absence of any leaks from the ECB on what to expect from the Governing Council tomorrow – today is set to be uneventful for economic news from the euro area and UK, with no top-tier macro data due for release.
The headline seasonally adjusted Germany Construction Purchasing Managers’ Index (PMI) – a measure of monthon-month changes in total industry activity – registered a reading of 54.7 in February, up from 50.7 in January.
It signalled a fourth successive monthly increase in activity and a marked acceleration in the rate of growth – to the quickest since January 2018. Anecdotal evidence pointed to the early spring-like weather in February providing a boost to activity.
Meanwhile, the German DAX remained tad 0.22 percent lower at 11,594.91 by 09:55GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 41.96 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
