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The German bunds slid Thursday after the country’s manufacturing PMI for the month of October remained unchanged and the number of unemployed people fell during the period. Also, the jobless rate remained at post-reunification low, dragging investors away from safe-haven instruments.
The German 10-year bond yields, which move inversely to its price, rose nearly 1-1/2 basis points to 0.38 percent, the yield on 30-year note surged nearly 2 basis points to 1.25 percent while the yield on short-term 2-year traded flat at -0.74 percent by 09:35GMT.
The headline IHS Markit/BME Germany Manufacturing PMI reading was 60.6, unchanged on September’s 77-month high. The intermediate and investment goods sectors were again the best performers, with the consumer goods category continuing to lag behind.
The headline PMI was supported by stronger growth in employment and input stocks and deteriorating supplier delivery times. This was offset by slightly slower rates of growth in both output and new orders than the month before. That said, the latest increases were still among the strongest seen over the past six-and-a-half years.
Germany’s unemployment total fell slightly more than expected in October, data showed on Thursday, reflecting the strength of a labor market that continues to generate new jobs and support a consumption-led upswing in Europe’s largest economy. Data published by the Federal Labour Office showed the seasonally adjusted jobless total fell by 11,000 to 2.495 million, a bigger drop than the 10,000 forecast in a Reuters poll. The unemployment rate remained at 5.6 percent, the lowest level since reunification in 1990.
Meanwhile, the German DAX traded 0.16 percent down at 13,446.00 by 09:35 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 7.09 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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