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The Eurozone periphery bonds rallied Tuesday as investors wait to watch the European Central Bank’s (ECB) monetary policy decision, scheduled to be held on July 20. Also, the benchmark German super long 30-year auction, due to be held on July 19 will add further direction to the debt market.
The benchmark German 10-year bond yields, which moves inversely to its price, slumped nearly 2 basis points to 0.56 percent, the French 10-year bond yields also slumped 2 basis points to 0.82 percent, Irish 10-year bond yields slid 2 basis points to 0.86 percent, Italian also down nearly 4 basis points to 2.20 percent, Netherlands 10-year bond yields also lower nearly 2 basis points to 0.68 percent, Portuguese equivalents struggled 3-1/2 basis points lower at 3.47 percent and the Spanish 10-year yields slid 4 basis points to 1.55 percent by 09:20 GMT.
In the euro area, ahead of the Governing Council meeting this week, today’s ECB’s quarterly bank lending survey will be watched for further evidence that accommodative monetary policy continues to support credit growth.
Indeed, despite the recent sell-off in global bond markets, financial conditions in the euro area appear to remain highly accommodative, and the survey is likely to indicate that euro area banks maintained loose credit standards on loans to enterprises and households in Q2. And against a backdrop of elevated business and consumer sentiment and expectations of firm economic growth ahead, demand for credit is set to have continued rising.
Meanwhile, the pan-European STOXX 600 index was down 0.26 percent to 385.86, German DAX fell 0.54 percent to 12,519.50, France’s CAC 40 slipped 0.14 percent to 5,222.80 while the PSI20 Index traded 0.41 percent higher at 5,314.31 by 09:30 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained slightly bullish at 98.27 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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