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German bunds trade mixed ahead of June consumer price inflation data
The German bunds traded mixed during European trading session Tuesday ahead of the country’s and eurozone’s consumer price inflation (CPI) data for the month of June, scheduled to be released on June 27 and 28 by 12:00GMT and 09:00GMT respectively.
The German 10-year bond yields, which move inversely to its price, slipped 1 basis point to -0.318 percent, the yield on 30-year note hovered around 0.254 percent and the yield on short-term 2-year traded 1 basis point higher at -0.724 percent by 10:30GMT.
Yesterday’s German ifo business survey suggested that, principally due to the travails of the manufacturing sector, economic momentum in the euro area’s largest member state continues to weaken, Daiwa Capital Markets reported.
Indeed, the headline business climate index fell in June to the lowest level since November 2014, with the expectations index down to a level that, bar February’s, was the lowest since 2012.
However, this morning’s INSEE business survey – the French equivalent of the ifo survey – suggested that conditions in the euro area’s second-largest member state remained stable at the end of Q2, and consistent with steady economic growth, the report added.
Meanwhile, the German DAX traded nearly flat at 12,260.99 by 10:35GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 17.36 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex