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German 10-year Bund Yields hit record lows

FXStreet (Mumbai) - German Ten-year bund yield hit a new low today after the German government reduced growth forecasts for the current year and the next year.

The ten-year Bund yield is trading slightly up at 0.848 after having hit a record low of 0.837. Moreover, the Bund yields topped out at 1.113 levels on 19th September. Since then, the German bond markets have been rattled by a string of back-to-back disappointing economic data.

As per the new forecasts, the German GDP is pegged at 1.2% in 2014, compared to the previous forecast of a 1.8% rise. For the next year, GDP is expected at 1.3%, down from 2%. The German government cited the global economic slowdown and the rising geopolitical issues as the reasons for the downward revision of the growth forecasts.

The International Monetary Fund (IMF) said last week that the slowdown in the German economy can drag the Eurozone back into the recession within next six months.

Ten-year Bund Yield Technical levels

The yield has an immediate support of 0.837 (day’s low), while the immediate resistance is located at 0.859 (Oct 9 low), above which the yield can rise to 0.9 levels.

GBP/USD holds above 1.5900, for now

GBP/USD broke below the 1.5950 area Tuesday and scored a fresh cycle low at the beginning of the American session as the greenback strengthens across the board against a cautious backdrop.
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