2017.04.2104:57:00UTC+00German Bunds Gain Following Lower April Manufacturing, Composite Pmi

The German bunds gained Friday, following a lower reading of the country’s manufacturing and composite PMI.

The yield on the benchmark 10-year bond, which moves inversely to its price, fell nearly 1 basis point to 0.24 percent, the long-term 30-year bond yields also slipped around 1 basis point to 0.95 percent and the yield on short-term 2-year bond plunged 1-1/2 basis points to -0.80 percent by 08:40 GMT.

The Markit Flash Germany Composite Output Index registered 56.3 in April, down from March’s near 6-year high of 57.1. This signaled the first easing in growth of private sector business activity since the start of the year, but still the second-fastest rate of expansion in over three years.

Further, the ongoing strength of business conditions in manufacturing, in particular, was reflected in the headline Markit Flash Germany Manufacturing PMI coming in little-changed from March’s 71-month high of 58.3, at 58.2.

Meanwhile, the German stock index DAX Index traded 0.02 percent lower at 12,025.00 by 08:50 GMT, while at 08:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 26.06 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex