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The German bunds jumped during European session Tuesday after the country’s Ifo business climate index for the month of April missed market expectations, boosting asset prices. Investors will now be eyeing the European Central Bank’s (ECB) monetary policy decision, scheduled to be unveiled on April 26 by 11:45GMT.
The German 10-year bond yields, which move inversely to its price, slumped 1-1/2 basis points to 0.61 percent, the yield on 30-year note also surged nearly 1-1/2 basis points to 1.28 percent and the yield on short-term 2-year traded 1/2 basis point lower at -0.54 percent by 08:55GMT.
German Ifo business climate dropped to 102.1 in April, below expectations of 102.8. Expectations dropped to 98.7, below consensus of 99.5. The current assessment also dropped to 105.7, below the expectation of 106.5, data released by the Munich-based Ifo economic institute showed Tuesday.
Businesses assessed the current situation worse, with the sub-index falling to 105.7 from 106.6 the previous month. Their expectations also dropped to 98.7 from 100.0 in March. The Ifo institute changed the way it calculates its business climate indicator in April to rebase the index and include responses from the services sector.
Meanwhile, the German DAX rose 0.38 percent to 12,622.76 by 09:05GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -8.01 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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