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German bunds slump ahead of 10-year auction, April Ifo business climate index
The German bunds slumped during European trading session Tuesday ahead of the country’s Ifo business climate index for the month of April and 10-year auction, both scheduled to be released on April 24 by 08:00GMT and 09:40GMT respectively.
The German 10-year bond yields, which move inversely to its price, jumped 2-1/2 basis points to 0.048 percent, the yield on 30-year note also surged 2-1/2 basis points to 0.704 percent and the yield on short-term 2-year traded nearly flat at -0.591 percent by 09:50GMT.
Following last week’s disappointing flash euro area PMIs – which saw the composite PMI unexpectedly fall to 51.3, below the average seen in Q1 and only just above the 5½-year lows seen at the turn of the year – this week’s flow of sentiment indicators gets underway this afternoon with the Commission’s flash consumer confidence, Daiwa Capital Markets reported.
In contrast to the decline in the PMIs, the headline consumer sentiment index is expected to report the fourth consecutive modest improvement this month from -7.2 in March, albeit still leaving the index well below the average of last year, the report added.
Meanwhile, the German DAX remained tad lower at 12,193.88 by 09:55GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 10.13 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex