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The German bunds suffered during European trading session Wednesday ahead of the country’s and eurozone’s consumer price inflation (CPI) data for the month of June, scheduled to be released on June 27 and 28 by 12:00GMT and 09:00GMT respectively.
The German 10-year bond yields, which move inversely to its price, jumped 2 basis points to -0.312 percent, the yield on 30-year note surged nearly 3 basis points to 0.271 percent and the yield on short-term 2-year traded flat at -0.738 percent by 10:10GMT.
After a focus on business sentiment at the start of the week – with the downbeat German ifo indices contrasting the relatively positive French INSEE survey – the euro area dataflow this morning centred on the household, with national consumer confidence surveys from Germany and France released.
In Germany, consumer confidence has trended steadily lower since hitting a series high early last year. And that negative run seems to be continuing, with GfK estimating a larger-than-expected decline of 0.3pt to a 27-month low of 9.8 in the headline index in the latest month. The detail, however, was not all bad, Daiwa Capital Markets reported.
Admittedly, despite the strong labour market, the survey’s measure of income expectations dropped sharply in June, the lowest since March 2017. But the survey measure of broader economic expectations inched up slightly from the more than three-year low reached in May, still nevertheless remaining well down on its level this time last year.
And having last month fallen back close to the bottom of the range of the past three years, the index of willingness to buy rose back slightly in line with the Q1 average, still however some way below the norms of the past couple of years but consistent with ongoing steady growth in private consumption close to the 1.6 percent y/y rate recorded in Q1, the report added.
Meanwhile, the German DAX traded tad 0.63 percent higher at 12,306.11 by 10:15GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 64.89 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
