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German bunds slip in European trading ahead of 10-year auction, August manufacturing PMI

The German bunds slipped during European session Monday as investors wait to watch the country’s 10-year auction, scheduled to be held on August 22, besides, the manufacturing PMI for the month of August, due on the following day. However, the major focus this week remains on Federal Reserve Chair Jerome Powell’s speech, for further direction in financial markets.

The German 10-year bond yields, which move inversely to its price, rose 1/2 basis point to 0.30 percent, the yield on 30-year note also climbed 1/2 basis point to 0.97 percent and the yield on short-term 2-year hovered around -0.62 percent by 09:40GMT.

While Fed policy will be of most interest this week as Chairman Powell addresses Jackson Hole, the coming week might also shine a little more light on the ECB’s monetary policy debate, as the account of last month’s Governing Council meeting is due to be published on Thursday, Daiwa Capital Markets reported today.

The key euro area data focus, meanwhile, will be economic sentiment surveys for August, with the flash PMIs and European Commission consumer confidence indicator due on Thursday. In particular, having fallen back in July, the headline euro area composite PMI is expected to move sideways in August at 54.3, matching the second-lowest reading since 2016.

The week is scheduled to end with the release of the final estimate of German GDP growth with the expenditure breakdown also due to be published for the first time. The data are likely to confirm the preliminary reading of 0.5 percent q/q GDP growth driven by domestic demand but with net trade subtracting. The week gets underway today with euro area construction output figures for July. In the markets, Germany will sell 2-year bonds on Tuesday and 10-year bonds on Wednesday, the report added.

Meanwhile, the German DAX jumped 1.04 percent to 12,336.97 by 09:50GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -6.56 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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