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The German bunds slid during European session Monday after the country’s Ifo business climate index cheered market investors ahead of the short-term 2-year auction, scheduled to be held on March 26 by 10:40GMT, which shall provide further direction to the debt market.
The German 10-year bond yields, which move inversely to its price, jumped nearly 2-1/2 basis points to -0.002 percent, the yield on 30-year note also surged 2-1/2 basis points to 0.618 percent and the yield on short-term 2-year traded tad higher at -0.559 percent by 10:50GMT.
Germany’s Munich-based Ifo economic institute said its business climate index, based on a monthly survey of companies, edged forward to 99.6 this month from 98.5. February’s reading had been the lowest level since November 2014.
Further, the world’s second-largest exporter has witnessed a slump in the business confidence amid ongoing trade concerns between the U.S. and China, rising uncertainty over the outcome of the U.K.’s departure from the European Union and threats of higher tariffs on German-made vehicles from U.S. President Donald Trump, reports added.
Meanwhile, the German DAX slipped -0.13 percent to 11,349.53 by 10:55GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -8.59 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
