The German bunds jumped during afternoon session Thursday ahead of the European Central Bank’s (ECB) account of monetary policy meeting, due today by 12:30GMT.
Besides, Germany’s gross domestic product (GDP) for the third quarter of this year and November manufacturing PMI, both due on November 23 by 07:00GMT and 08:30GMT respectively, will add further direction to the debt market.
The German 10-year bond yields, which move inversely to its price, fell nearly 2 basis points to 0.356 percent, the yield on 30-year note also slumped 2 basis points to 1.022 percent and the yield on short-term 2-year traded nearly 1 basis point lower at -0.644 percent by 09:15GMT.
Today the ECB will publish its account of the October monetary policy meeting. Following that meeting Draghi insisted that the Governing Council still considered risks to the economic outlook to be broadly balanced, but we will study the account to gauge the extent of concerns about the recent dataflow.
Attention will also be on any further insight into the future monetary policy debate, including possible changes to reinvestment policy to be agreed in December and suggestions for another round of very long-term refinancing operations, which will need to be announced in due course.
Data-wise, this afternoon will bring the European Commission’s flash euro area consumer confidence index for November. Having been on a steady downtrend after peaking in January, the consumer confidence index inched up 0.2ppt in October to -2.7, still the second-lowest reading since May 2017. But the consensus expectation for November is for a renewed decline, which would suggest the likelihood that household spending growth will remain relatively subdued in Q4, Daiwa Capital Markets reported.
Meanwhile, the German DAX slipped 0.96 percent to trade at 11,139.12 by 09:20GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 28.49 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex


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