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Yesterday's higher than expected inflation reading across Euro zone has brought back sellers in the European bond market. Inflation as measured by CPI rose by 0.3% in May, while core CPI moved up by 0.9%, both from a year ago.
Today, European Central Bank (ECB) will be announcing monetary policy decisions around 11:45 GMT, followed by press conference at 12:30 GMT.
European Central Bank (ECB) faces key challenges today, in addressing the rout.
- ECB is pursuing policy of asset purchase which is intended to push inflation higher. So longer end bond prices are likely to move up. If ECB talks bond yields down, that would be contrary to its policy. On the other hand it can't encourage the rout as it might be hampering ECB's own purchase and confidence in the market.
Whereas ECB is most likely to shrug off any fear over bond rout and likely to address the volatility and sellers will keep questioning the low yields on sovereign securities.
German 10 year yield is trading at 0.707%, slightly down after making high at 0.742%.
