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The Eurozone periphery bonds gained Monday on rising demand for safe-haven assets and as investors have largely shrugged off the slightly higher-than-expected German manufacturing PMI for the month of June. However, the country’s unchanged unemployment rate added resistance to the continuous rise in bond prices.
The benchmark German 10-year bond yields, which moves inversely to its price, fell nearly 1 basis point to 0.46 percent, the French 10-year bond yields also slipped close to 1 basis point to 0.81 percent, Irish 10-year bond yields collapsed 1-1/2 basis points to 0.86 percent, Italian slumped 3 basis points to 2.12 percent, Netherlands 10-year bond yield down 1 basis point to 0.64 percent, Portuguese equivalents plunged 2-1/2 basis points to 2.99 percent and the Spanish 10-year yields traded nearly 4 basis points lower at 1.48 percent by 09:20 GMT.
The final IHS Markit Eurozone Manufacturing PMI rose to 57.4 in June, up from 57.0 in May and the earlier flash estimate of 57.3. The PMI has now remained above the neutral 50.0 mark throughout the past four years.
Official figures show that unemployment across the 19-country eurozone remained at an eight-year low in May. Eurostat said Monday that the unemployment rate was unchanged at 9.3 percent. That's the lowest since March 2009, when unemployment was rising markedly following the global financial crisis.
Wednesday’s releases of the services and composite PMIs should also be very similar to the flash releases, which surprised on the downside, with the euro area services PMI falling from 56.3 to 54.7 to leave the composite index down at 55.7, the lowest level since the start of the year (although still elevated).
Also due on that day will be euro area retail sales figures, which in line with Friday’s positive consumer spending data releases from Germany and France should signal an increase in the pace of growth. The focus on Friday will be on the latest IP figures from Germany, France and Spain, while French trade data are also due that day.
Meanwhile, the pan-European STOXX 600 index was up 0.70 percent to 382.07, German DAX rose 0.69 percent to 12,410.00, France’s CAC 40 jumped 1.03 percent to 5,173.50 and the PSI20 Index traded 0.47 percent higher at 5,177.17 by 09:50 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index stood neutral at 27.30 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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