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The German bunds plunged during European session Wednesday ahead of the European Central Bank’s (ECB) account of monetary policy meeting for the month of June and the country’s consumer price inflation (CPI), both scheduled for July 11 by 17:00GMT and 11:30GMT respectively.
The German 10-year bond yields, which move inversely to its price, jumped 6 basis points to -0.296 percent, the yield on 30-year note surged 7-1/2 basis points to 0.326 percent and the yield on short-term 2-year traded 1-1/2 basis points lower at -0.715 percent by 11:00GMT.
With the risk that Powell might be less dovish after Friday’s labour market report, in the bond markets USTs continued to lose ground, with 10Y yields up about 3bps to above 2.085% for the first time in three weeks, Daiwa Capital Markets reported.
That increase in French IP has also given a modest boost to the euro. But forex markets have otherwise been relatively uneventful, with the dollar remaining close to yesterday’s three-week high. The yen briefly moved within a whisker of ¥109/$ for the first time since end-May, however, the report added.
Meanwhile, the German DAX traded tad -0.30 percent lower at 12,530.51 by 11:05GMT.
