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German bunds gain after Eurozone Q4 GDP meets market expectations; investors eye ECB’s monetary policy decision

The German bunds gained Wednesday after eurozone’s gross domestic product (GDP) for the fourth quarter of 2017 met market expectations, unchanged from that in the previous quarter. Also, investors, now, shall be focussing on the European Central Bank’s (ECB) monetary policy decision, scheduled to be unveiled on March 8 by 12:45GMT.

The German 10-year bond yields, which move inversely to its price, slipped nearly 1 basis point to 0.66 percent, the yield on the 30-year note fell 1 basis point to 1.31 percent and the yield on short-term 2-year traded flat at -0.53 percent by 10:30GMT.

Seasonally adjusted GDP rose by 0.6 percent in both the euro area (EA19) and the EU28 during the fourth quarter of 2017, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2017, GDP grew by 0.7 percent in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.7 percent in the euro area and by 2.6 percent in the EU28 in the fourth quarter of 2017, after +2.7 percent in both zones in the previous quarter.

Meanwhile, the German DAX slipped 0.13 percent to 12,097.12 by 10:35GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained slightly bearish at 99.90 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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