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The German bunds slumped during European session Monday after the country’s Ifo business climate index cheered market participants. Investors will now focus on the country’s 5-year auction and August employment report, due later this week for further direction in the debt market.
The German 10-year bond yields, which move inversely to its price, jumped nearly 2 basis points to 0.359 percent, the yield on 30-year note also climbed close to 2 basis points to 1.028 percent and the yield on short-term 2-year too gained 1 basis point to -0.601 percent by 09:55GMT.
Business confidence in German firms has improved noticeably. The Ifo Index rose to 103.8 points in August after 101.7 points in July. The companies were once again more satisfied with their current business situation.
Business expectations were revised noticeably upwards. In addition to a robust domestic economic situation, the truce in the trade conflict with the US contributed to improved business confidence, data released by the Munich-based ZEW Institute revealed Monday.
Meanwhile, the German DAX traded 0.54 percent higher at 12,462.35 by 10:05GMT, and at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bullish at 126.22 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
