German bunds fall in muted session ahead of March manufacturing PMI, Ifo business climate index

The German bunds traded on the downside during early European session Wednesday in a quiet day that witnessed no data of any major significance. Investors are now looking forward to the country’s manufacturing PMI for the month of March and Ifo business climate index for the same period, both scheduled to be delivered on March 22 by 08:30GMT and 09:00GMT respectively.

The German 10-year bond yields, which move inversely to its price, rose 1 basis point to 0.59 percent, the yield on the 30-year note edged 1/2 basis point higher to 1.22 percent and the yield on short-term 2-year too traded 1/2 basis point higher at -0.57 percent by 08:45GMT.

Germany’s March manufacturing PMI is expected to come in at 59.8, a tad down from the 60.6 seen in February, although much above the 50-point threshold mark that demarcates expansion from contraction. Further, the country’s Ifo business climate index is seen to fall slightly to 114.8, from previous 115.4.

Meanwhile, the German DAX rose 0.02 percent to 12,306.47 by 08:50GMT, while at 08:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -24.07 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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