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German bunds trade flat ahead of May CPI data, Eurozone April industrial production

Source FxWire Pro Wednesday, 12 Jun, 2019 09:40:52 GMT
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The German bunds remained mixed during European trading session Tuesday ahead of a speech by European Central Bank (ECB) President Mario Draghi, scheduled to be held on June 12 by 12:15GMT and the country’s 10-year auction, also due on the same day by 09:40GMT.

The German 10-year bond yields, which move inversely to its price, hovered around -0.233 percent, the yield on 30-year note traded flat at 0.376 percent and the yield on short-term 2-year also remained steady at -0.658 percent by 09:20GMT.

What should be a quiet day for euro area economic news has already brought the most notable new data of the day with Spanish final May inflation figures predictably aligning with the preliminary release.

That report had shown the EU-harmonised CPI measure declining 0.7ppt to 0.9 percent y/y, a sixteen-month low. The headline national CPI rate also eased 0.7ppt to 0.8 percent y/y. Within the details released for the first time, there was a notable easing in housing inflation (down 2.3ppts to -0.3 percent y/y) on the back of a fall in electricity prices and transport costs, with the respective year-on-year rise moderating 1.4ppts to 1.7 percent y/y.

There was also a steeper pace of decline in the price of recreational services (down 1.8ppts to -1.5 percent y/y), as the Easter-related boost to package tours wore off. And with non-energy industrial goods inflation remaining very subdued in May (0.2 percent y/y), the harmonised core CPI rate also eased in May by 0.2ppt to 0.8 percent y/y, Daiwa Capital Markets reported, the report added.

Meanwhile, the German DAX traded 0.46 percent lower at 12,100.98 by 09:25GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained highly bullish at 109.22 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex

Source: FxWire Pro - Commentary
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