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German bunds suffer ahead of April ZEW (Centre for European Economic Research) economic sentiment, Eurozone March CPI data

Source FxWire Pro Monday, 15 Apr, 2019 09:54:33 GMT
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The German bunds suffered during European trading session Monday ahead of the country’s ZEW economic sentiment data, scheduled to be released on April 16 by 09:00GMT and eurozone’s consumer price inflation (CPI) data for the month of March, due for release on the following day by 09:00GMT.

The German 10-year bond yields, which move inversely to its price, remained tad higher at 0.058 percent, the yield on 30-year note climbed nearly 1-1/2 basis points to 0.718 percent and the yield on short-term 2-year traded nearly flat at -0.575 percent by 09:30GMT.

There will be several euro area releases of note this week, including the final estimate of March inflation (Wednesday) and the flash PMIs for April (Thursday). With respect to the former, with the final estimates from Germany, France and Spain last week having aligned with the flash readings, the final euro area inflation data should also match the earlier readings of 1.4 percent y/y for the headline rate (down 0.1ppt from February) and 0.8 percent y/y for the core rate (down 0.2ppt). Wednesday will also bring euro area trade data for February and new car registration figures for March, while euro area construction output numbers will be published tomorrow, Daiwa Capital Markets reported.

But arguably of most interest this week will be sentiment survey results for April, to be scrutinised for hints of a pickup in economic momentum at the start of the second quarter. While a modest improvement is anticipated in the manufacturing PMI, it seems bound to remain firmly in contractionary territory.

And with the services PMI likely to have moved broadly sideways, the composite PMI is expected to be little changed from the 51.6 reading in March, still close to the bottom of the range of recent years but consistent with ongoing expansion nonetheless. Other sentiment indices include Germany’s ZEW survey of financial analysts tomorrow and the Italian consumer and business confidence indicators on Friday. In the bond market, Germany will issue 25-year bunds on Wednesday, the report added.

Meanwhile, the German DAX remained flat at 11,994.91 by 09:35GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bullish at 147.62 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

Source: FxWire Pro - Commentary
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