6/18, 10:30 AM (Source: TeleTrader)
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German 10-year yield hits record low

The euro moved only slightly lower on Tuesday as European Central Bank President Mario Draghi said monetary policy easing including cutting interest rates, which are already at all-time lows, may be required if downward pressures on the economy resist. However, the most widely tracked sovereign bonds surged and sent yields sharply lower.

The two-year yield tumbled 4.8 basis points to a negative 0.736% at 10:30 am CET, its lowest mark in more than one year. The German 10-year benchmark plunged 4.6 basis points, touching 0.289% below zero for the first time. The yield on the 30-year government bonds lost 4.8 points to 0.303%, also unseen on a closing basis. Corresponding futures prices advanced 0.08%, 0.43% and a whopping 0.91%, respectively.

The British yields on debt maturing in two, ten and thirty years dropped 3.6 points to 0.653%, 3.2 to 0.818% and 2.4 points to 1.43%, respectively. The Italian 10-year gauge nosedived 12 points to 2.173%, the weakest level in 13 months.

Breaking the News / IT