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The German bunds gained Tuesday after the country’s consumer price inflation index (CPI) for the month of December met market expectations. Now, investors are eyeing the 30-year auction and Eurozone CPI, scheduled to be released on January 17 by 10:40GMT and 10:00GMT.
The German 10-year bond yields, which move inversely to its price, fell nearly 1-1/2 basis points to 0.57 percent, the yield on 30-year note also slid 1-1/2 basis points to 1.32 percent and the yield on short-term 2-year traded tad 1/2 basis point lower at -0.57 percent by 08:20GMT.
Germany's consumer price inflation accelerated to a five-year high in 2017, final data published by Destatis showed Tuesday. Consumer price inflation climbed to 1.8 percent in 2017 from 0.5 percent a year ago. This was the highest rate since 2012. Between 2014 and 2016, the inflation rates were even below 1 percent each. The corresponding harmonized inflation figure surged to 1.7 percent from 0.4 percent.
The marked increase in CPI inflation in 2017 was mainly due to energy prices. Energy prices increased 3.1 percent in 2017 after they had declined in the previous three years.
Inflation, based on the harmonized index of consumer prices, which is calculated for European purposes, slowed to 1.6 percent from 1.8 percent in November. On month, the HICP gained 0.8 percent. The statistical office confirmed the provisional estimate published on December 29.
Lastly, the wholesale price index advanced 1.8 percent y/y in December, but slower than November's 3.3 percent increase, the weakest increase since November 2016. However, on a monthly basis, wholesale prices fell 0.3 percent in December, in contrast to November's 0.5 percent increase.
Meanwhile, the German DAX jumped 0.61 percent to 13,281.50 by 08:25 GMT, while at 08:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 58.79 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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