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The German bunds slumped during European session Monday after the country’s Ifo business climate index for the month of September beat market estimates, also rising from the previous reading in August.
Investors will now be eyeing the European Central Bank (ECB) President Mario Draghi’s speech, scheduled to be delivered before the European Parliament’s ECON committee in a regular hearing at 13:00GMT.
The German 10-year bond yields, which move inversely to its price, rose 1-1/2 basis points to 0.476 percent, the yield on 30-year note also surged 1-1/2 basis points to 1.136 percent and the yield on short-term 2-year traded nearly 1 basis point higher at -0.543 percent by 09:30GMT.
The Ifo Business Climate index declined to 103.7 points in September from 103.9 points (seasonally-adjusted ) in August. Firms’ assessments of their current business situation deteriorated marginally, but remain at a high level. Companies also scaled back their business expectations somewhat. Despite growing uncertainty, the German economy remains robust.
Meanwhile, the German DAX slipped 0.42 percent to 12,379.46 by 09:30GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bullish at 166.95 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
