German bunds slide after investors shrug-off lower-than-expected March manufacturing PMI; Eurozone CPI closely eyed

The German bunds slid Tuesday after investors have largely shrugged-off the lower-than-expected manufacturing PMI for the month of March, with eyes on eurozone’s consumer price inflation (CPI), scheduled to be released on April 4 by 09:00GMT.

The German 10-year bond yields, which move inversely to its price, jumped nearly 1-1/2 basis points to 0.50 percent, the yield on 30-year note surged also surged nearly 1-1/2 basis points to 1.16 percent and the yield on short-term 2-year too traded 1-1/2 basis points higher at -0.58 percent by 09:05GMT.

The headline IHS Markit/BME Germany Manufacturing PMI – a single-figure snapshot of the performance of the manufacturing economy – registered a reading of 58.2 in March, down from 60.6 in February. Although still signalling a strong overall improvement in business conditions within the goods-producing sector, the latest figure was the lowest since July 2017 and well below that seen at peak of the upturn last December.

Meanwhile, the German DAX slumped 1.44 percent to 11,922.88 by 09:15GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bearish at -133.03 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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