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The German bunds plunged Monday as investors remain cautioned ahead of the country’s 10-year auction and the release of consumer price-led inflation index for the month of August, scheduled on September 13.
The benchmark German 10-year bond yields, which moves inversely to its price, rose 1-1/2 basis points to 0.33 percent, the yield on 30-year note climbed 2-1/2 basis points to 1.14 percent and the yield on short-term 2-year note traded nearly 1 basis point higher at -0.75 percent by 09:15 GMT.
After a busy past week in the euro area, this week’s calendar looks relatively thin, with further industrial production figures for July and the final inflation data for August arguably most notable. The Italian IP figures are due later this morning, while the euro area data are due on Wednesday and seem likely to show relatively modest change from June, to leave output still more than 3 percent higher than a year earlier.
Further, the final estimate of August German inflation, also due Wednesday, is expected, on the EU measure, to align with the flash estimate of 1.8 percent y/y, up 0.3ppt from July. The equivalent Spanish figures are due the same day, with the French and Italian figures coming the following day, and – like Germany – all of these member states are likely to confirm an increase in headline inflation in August.
Other data due this week include euro area new car registrations in August (Thursday) and the July trade report (Friday). Finally, in the markets, Germany will sell 30Y index-linked bonds tomorrow and 10Y Bunds on Wednesday, while Italy will sell a range on bonds on Wednesday.
Meanwhile, the German DAX surged 1.14 percent to 12,444.50 by 09:20GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 48.72 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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