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German bunds suffer following better-than-expected recovery in December ZEW economic sentiment
The German bunds suffered during European session Tuesday following a better-than-expected recovery in the country’s ZEW economic sentiment index for the month of December, released today.
Further attention will now be paid to the European Central Bank’s (ECB) monetary policy meeting, scheduled to be held on December 13 by 12:45GMT for further direction in the debt market.
The German 10-year bond yields, which move inversely to its price, jumped nearly 3 basis points to 0.268 percent, the yield on 30-year note also climbed closely 3 basis points to 0.864 percent and the yield on short-term 2-year traded nearly 1-1/2 basis points higher at -0.567 percent by 10:30GMT.
The Mannheim-based ZEW research institute said its monthly survey showed its German economic sentiment climbed to a negative 17.5 this month from minus 24.1 in November. That was compared to the consensus forecast for a reading of minus 25.0. Further, a separate gauge measuring investors’ assessment of the economy’s current conditions fell to 45.3 from 58.2 last month. That compared to analyst’s expectations for a decrease to 55.8.
Lastly, the ZEW’s index of euro zone economic sentiment increased to minus 21.0 in December from minus 22.0 a month earlier. Consensus expected the index to deteriorate to minus 23.2.
Meanwhile, the German DAX rose 1.45 percent to 10,778.09 by 10:40GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 27.38 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex