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The Eurozone periphery bonds slumped Monday as investors remain cautious ahead of the European Central Bank’s (ECB) monetary policy decision, scheduled to be held on June 8. Also, Germany, the benchmark for Eurozone debt markets, remain closed today, on account of Whit Monday, which further lent dullness in investors trading.
The French 10-year bond yields, wich moves inversely to its price, jumped 2 basis points to 0.72 percent, Irish 10-year bonds yield rose 1 basis point to 0.77 percent, Italian equivalent also climbed nearly 1 basis point to 2.26 percent, Netherlands 10-year bonds yield ticked 2 basis points higher to 0.50 percent, Portuguese equivalents up nearly 1-1/2 basis points to 3.04 percent while the Spanish 10-year yields traded nearly flat at 1.56 percent by 09:30 GMT.
Of most interest in the euro area will be the ECB’s announcements, which will contain a mixture of dovish and slightly more hawkish messages. Given that the recent data flow remains consistent with a strengthening recovery, the ECB’s GDP growth forecast for 2017 might well be nudged higher from the 1.8 percent estimate published in March.
"But we would also expect the ECB to revise down slightly its forecasts of headline CPI from 1.7 percent y/y and 1.6 percent y/y in 2017 and 2018 respectively, and core CPI from 1.1 percent y/y and 1.5 percent y/y," Daiwa Capital Markets commented in its latest research report.
The rate of eurozone’s economic growth continued to run at the quickest pace in six years during May. This was confirmed by the final IHS Markit Eurozone PMI Composite Output Index posting 56.8, unchanged from the earlier flash estimate and April’s final reading.
Meanwhile, the pan-European STOXX 600 index was down 0.21 percent at 325.20, German DAX jumped 1.25 percent to 12,822.94, the PSI20 Index slumped 1.11 percent to 5,257.82 and France’s CAC40 slipped 0.40 percent to 5,305.50 by 08:30 GMT, while at 08:00 GMT, the FxWirePro's Hourly Euro Strength Index stood neutral at 64.80 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
