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The German bunds trended downwards at the start of Monday’s European session amid a silent trading day that witnessed data of little economic significance. Also, investors are awaiting the country’s employment report for the month of March, scheduled for later in the week that will impart detailed direction to the debt market.
The German 10-year bond yields, which move inversely to its price, rose nearly 1 basis point to 0.53 percent, the yield on the 30-year note edged 1 basis point higher to 1.17 percent and the yield on short-term 2-year too traded 1-1/2 basis points lower at -0.57 percent by 08:35GMT.
It’s a low-key start to the week for economic data from the euro area. Indeed, the most notable figures of the day have already been released, with the final estimates of French GDP in Q4 showing an upwards revision to the growth of 0.1ppt from the previous estimate to 0.7 percent q/q, the strongest pace since Q1 2017.
Looking at the major expenditure components, private consumption was a touch weaker than previously thought, growing only 0.2 percent q/q vs 0.3 percent q/q in the preliminary estimate. However, this effect was offset by slightly stronger investment growth (1.2 percent q/q vs 1.1 percent q/q) and a higher contribution from net exports, which was mainly accounted for by weaker imports. The new figures left full-year French GDP in 2017 2 percent higher compared to 2016.
"We expect to see a similar pace this year, despite the fact that quarterly GDP growth rates are likely to moderate in line with the less upbeat economic sentiment surveys seen of late," Daiwa Capital Markets commented in its latest report.
Meanwhile, the German DAX gained 0.70 percent to 11,966.86 by 08:40GMT, while at 08:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 27.47 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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