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The German bunds remained mixed during European session Wednesday ahead of European Central Bank (ECB) President Mario Draghi’s speech, scheduled to be delivered on September 27 by 13:30GMT and the country’s unemployment change report, due to be released September 28 by 07:55GMT.
The German 10-year bond yields, which move inversely to its price, remained tad lower at 0.541 percent, the yield on 30-year note slipped 1-1/2 basis points to 1.151 percent and the yield on short-term 2-year remained flat at -0.513 percent by 09:55GMT.
After yesterday Chief Economist Peter Praet corrected the markets’ misinterpretation of Draghi’s comments on inflation on Monday to reinforce the message that the Governing Council won’t be raising rates before next September and will only raise them very gradually thereafter, ECB speakers will take a breather today, Daiwa Capital Markets reported.
However, all eyes are on the conclusion of the two-day FOMC policy meeting later today. A 25bps rate hike, the third out of four expected for this year, that will take the target range for the federal funds rate from 1.75 percent-2.00 percent to 2.00 percent-2.25 percent is almost fully priced-in. No major adjustments expected to the summary of economic projections up to 2020 and focus turns to the newly introduced forecasts for 2021, Eurobank Economic Analysis & Financial Markets Research reported.
Meanwhile, the German DAX remained 0.11 percent lower at 12,359.29 by 10:05GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 74.30 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
