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The German bunds rallied during European trading session Tuesday ahead of European Central Bank (ECB) President Mario Draghi’s speech, scheduled to be held on May 8 by 11:30GMT and the central bank account of the latest monetary policy meeting, also due on the same day for direction in the debt market.
The German 10-year bond yields, which move inversely to its price, slumped nearly 2-1/2 basis points to -0.011 percent, the yield on 30-year note suffered nearly 2 basis points to 0.642 percent and the yield on short-term 2-year traded tad nearly 1 basis point lower at -0.609 percent by 09:50GMT.
Attention today turned to the manufacturing sector, with Germany’s factory orders data for March disappointing. Following two very steep declines – of 2.1 percent m/m and 4.0 percent m/m respectively – in January and February, the modest rebound in March of only 0.6%M/M certainly did not signal any underlying improvement, Daiwa
The weakness in the latest month was centred on domestic orders, which fell 4.2 percent m/m while overseas orders rose at the same rate. These latter data were flattered by much stronger demand from other euro area member states, with orders from these countries up 8.6 percent m/m.
However, that increase appears to be accounted for entirely by major orders – excluding those items, euro area orders were down by 2.5 percent m/m leaving total orders on this basis down almost 2.0 percent m/m, the report added.
Meanwhile, the German DAX slipped 0.42 percent to 12,237.03 by 09:55GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -13.58 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
