German bunds jump ahead of February manufacturing, services PMI

The German bunds jumped during early European session Wednesday as investors wait to watch the country’s manufacturing as well as services PMI for the month of February, both scheduled to be released today by 08:30GMT respectively.

The German 10-year bond yields, which move inversely to its price, fell 1-1/2 basis points to 0.72 percent, the yield on 30-year note slipped 1 basis point to 1.39 percent and the yield on short-term 2-year too traded tad lower at -0.49 percent by 07:20GMT.

In the euro area, February's PMI figures are due for release. Manufacturing PMI saw a large fall to 59.6 in January and the leading order-inventory indicator has been declining since October 2017, pointing towards lower manufacturing output in the near future, while the extremely high optimism for the manufacturing sector is likely to be exhausted and head to lower levels.

"We expect manufacturing PMI to be 59. 3 in February and believe that services PMI is also set for a similar decline to 57.6," Danske Bank commented in its latest research note.

Meanwhile, the German DAX rose 0.83 percent to 12,487.90 by 07:25GMT, while at 07:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 30.69 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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