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German FI Under PResh Pressure

BUNDS

Note that German FI futures have started to wander lower again ahead of the old futures open. Only the Schatz has managed to take out its overnight low, with the lead up to and realisation of firmer than expected CPI data out of NRW (at least when compared to expectations for the national CPI print) in the driving seat.

  • A quick reminder that NRW is Germany's most populous area, with its CPI print holding a 21.7% weight in Germany’s national CPI reading. NRW CPI printed at +1.1% M/M & +7.8% Y/Y vs. BBG median expectations of +0.6% M/M & + 7.4% Y/Y for the national release, which will cross later today.
  • The 9-euro ticket transport scheme (the subsidy is scheduled to be removed at the end of August) is creating short-term noise in the German CPI readings at present, limiting the move higher in the CPI readings.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsEuropean Central Bank (ECB) Market NewsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsEuropean Central Bank (ECB) Market NewsHomepage

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