German bunds gain even as Ifo business climate tops market expectations in April

The German bunds gained during European session Friday as investors have shrugged off the higher-than-expected Ifo business climate index for the month of April, released today.

The German 10-year bond yields, which move inversely to its price, slumped 2 basis points to 0.44 percent, the yield on 30-year note also fell nearly 2 basis points to 1.16 percent and the yield on short-term 3-year traded 1 basis point lower at -0.52 percent by 09:30GMT.

German business confidence was unchanged in May after falling for five straight months, a survey showed on Friday, suggesting the mood among company executives in Europe’s biggest economy is steady despite the spectre of a global trade war.

The Munich-based Ifo economic institute said its business climate index held steady at 102.2, slightly beating a Reuters consensus forecast for a reading of 102.0.

Meanwhile, the German DAX traded 1.00 percent higher at 12,981.62 by 09:30GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 36.56 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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