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Italian 10-year bond yield hits record low

FXStreet (Mumbai) - The benchmark bond prices rallied today, pushing the yield to a record low after the European central Bank President Mario Draghi indicated willingness to expand the stimulus program.

The Ten-year yield in Italy hit a record low of 2.228%, as Draghi’s statements sparked “risk-on” rally on hopes that the ECB would conduct more aggressive stimulus measures in the near future. Mr. Draghi said, "We will continue to meet our responsibility - we will do what we must to raise inflation and inflation expectations as fast as possible,". Moreover, his statements threw the doors open for more unconventional policy measures, including the sovereign bond purchases.

The Italian yields were already in a down trend following dismal domestic economic data and a sharp slowdown in the German and aggregate Eurozone private sector activity.

Ten-year yield Technical Levels

The yield has an immediate support at 2.253%, above which it can rise to 2.262%. Meanwhile, the yield currently trades at 2.236%, slightly above the immediate support located at 2.228% (record low).

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