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The Eurozone periphery bonds rebounded Friday after witnessing a slightly lower consumer price inflation data for the month of June. However, inflation remained above the consensus estimates, further restricting any steep rise.
The benchmark German 10-year bond yields, which moves inversely to its price, plunged nearly 2 basis points to 0.43 percent, the French 10-year bond yields slumped 2 basis points to 0.78 percent, Irish 10-year bond yields collapsed nearly 4 basis points to 0.83 percent, Italian fell nearly 2 basis points to 2.13 percent, Netherlands 10-year bond yield slipped 2-1/2 basis points to 0.62 percent, Portuguese equivalents 2 basis points to 3.00 percent and the Spanish 10-year yields traded nearly 1 basis point lower at 1.52 percent by 09:30 GMT.
Official figures show that inflation across the 19-country eurozone fell to its lowest level this year as energy prices came off the boil. Eurostat, the EU’s statistics agency, says Friday that eurozone consumer prices rose 1.3 percent in the year to June, down from 1.4 percent the month before.
However, the inflation figure was slightly higher than anticipated. And that could be due to the fact that the core inflation rate, which strips out volatile items such as energy, rose to 1.1 percent in the year to June from 0.9 percent.
Lastly, over the first five months of the year, cumulative retail sales in Germany were up a solid 1.7 percent y/y. And with consumer confidence at the highest level since 2001 and expectations for personal incomes the strongest on record, household spending is likely to have accelerated in Q2 to provide a boost to German GDP growth.
Meanwhile, the pan-European STOXX 600 index was up 0.38 percent to 382.09, German DAX rose 0.21 percent to 12,442.25, France’s CAC 40 climbed 0.44 percent to 5,177.80 and the PSI20 Index traded 0.60 percent higher at 5,172.30 by 09:40 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index stood neutral at -7.45 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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