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Bunds Spike Lower On NRW CPI Before Recovering

BUNDS

Bunds spiked lower on an uptick in NRW CPI data out of Germany, printing as low as 154.75 before retracing towards pre-release levels, last dealing -88 ticks at 155.28. The contract was already on the defensive ahead of the release.

  • In terms of the release details, headline NRW CPI printed +7.8% Y/Y (June +7.5%) & +1.1% M/M (June -0.1%).
  • The rise in the Y/Y reading was still shy of the 8.1% rise seen in May.
  • Note that gas, dairy & eggs provided some notable upward impulses, while falls in fuel, clothing and certain vegetable prices provided downward pressure (in M/M terms). Household energy and food were the major sources of inflation Y/Y, while the 9-euro ticket scheme weighed on the Y/Y metric (passenger transport fell by 68.4% Y/Y). A reminder that that last month’s downward impulse in inflation and related short-term market moves were driven by the 9-euro ticket scheme.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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