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The German bunds slumped during European session Monday as investors wait to watch the country’s services PMI for the month of May and European Central Bank (ECB) President Mario Draghi’s speech, scheduled on June 5 by 07:55GMT and 13:00GMT respectively.
The German 10-year bond yields, which move inversely to its price, jumped nearly 2-1/2 basis points to 0.40 percent, the yield on 30-year note surged 2 basis points to 1.08 percent and the yield on short-term 2-year traded 1/2 basis point higher at -0.64 percent by 08:55GMT.
On the euro area data front, following final May manufacturing PMI announcements last Friday, the flow of euro area PMIs will continue tomorrow with releases of final services and composite PMIs for May. Like the manufacturing indicators, they should also come in very close to their preliminary readings, which showed further declines in euro area economic momentum last month.
Euro-area retail sales figures, expected to show a decent month-on-month increase, are also due on the same day, while, on Thursday, the final euro area GDP figures for Q1 are due. They will include the first estimate of the expenditure components. The preliminary GDP growth estimate of 0.4 percent q/q, which marked a significant slowdown from the 0.7 percent q/q pace seen in the previous three quarters, should be confirmed, Daiwa Capital Markets reported.
On Thursday, further, Germany factory orders data will give some indication of what we can expect from German IP growth in April, data for which are out on Friday. Today, the only notable new data are the euro area PPI data. Following a sharp upward surprise to the euro area consumer price inflation that month, producer price inflation is also expected to rise from 2.1 percent to 2.4 percent y/y.
Meanwhile, the German DAX rose 0.25 percent to 12,754.27 by 09:05GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained slightly bullish at 86.14 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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