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The German bunds gained during European session Thursday as investors keep a close eye on the European Central Bank’s (ECB) monetary policy decision, scheduled to be unveiled today at 11:45GMT.
Also, the eurozone’s gross domestic product (GDP) for the first quarter of this year, met market expectations, also unchanged from prior, further, lending a stagnancy to debt market.
The German 10-year bond yields, which move inversely to its price, slipped 1-1/2 basis points to -0.235 percent, the yield on 30-year note surged nearly 2 basis points to 0.391 percent and the yield on short-term 2-year traded flat at -0.661 percent by 09:15GMT.
All eyes today will be on the conclusion of the ECB’s latest policy meeting. The meeting will be the first to be conducted under the ECB’s new Chief Economist Philip Lane, who replaced Peter Praet at the start of the month. Among other things, the meeting will be watched closely for the updated staff economic forecasts and additional details for the pricing of the forthcoming TLTRO-III liquidity operations, due to start in September, Daiwa Capital Markets reported.
Seasonally adjusted GDP rose by 0.4 percent in the euro area (EA19) and by 0.5 percent in the EU28 during the first quarter of 2019, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2018, GDP had grown by 0.2 percent in the euro area and by 0.3 percent in the EU28.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2 percent in the euro area and by 1.5 percent in the EU28 in the first quarter of 2019, after +1.2 percent and +1.5 percent respectively in the previous quarter.
Meanwhile, the German DAX traded 0.52 percent higher at 12,043.13 by 09:30GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 25.81 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
