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The German bunds remained lower during European session Tuesday after the country’s gross domestic product (GDP) for the second quarter of this year rose, beating market expectations as well. Also, Germany’s ZEW economic sentiment index improved during the month of August, albeit still in the negative territory.
The German 10-year bond yields, which move inversely to its price, rose 1 basis point to 0.32 percent, the yield on 30-year note remained tad higher at 0.99 percent while the yield on short-term 2-year traded 1/2 basis point lower at -0.64 percent by 09:30GMT.
Slightly higher than market expectations, the largest euro area economy expanded by 0.5 percent in the Q2, up from an upwardly revised 0.4 percent q/q pace in Q1. Domestic demand components were the main drivers of growth – private and public consumption was higher, while capital formation was up too, but net exports subtracted from growth for a second consecutive quarter as import growth exceeded that of exports. So, overall, among the larger euro area member states, Germany appears to be the only country where the pace of economic expansion increased in Q2.
According to the latest data released by the Munich-based ZEW research institute, economic sentiment among German investors improved to -13.7 from -24.7 from in July, compared with a Reuters consensus forecast for a reading of -20.7.
Meanwhile, the German DAX rose 0.34 percent to 12,401.17 by 09:40GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bearish at -139.70 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
