The bond market in the euro area relaxes Thursday after a speech by the President of the European Central Bank (ECB), Mario Draghi, lodging investors found in the hope for a next monetary easing.
Around 1800 (1700 GMT), the 10-year yield fell to 1.602% 1.630% on Wednesday German closing price on the secondary market, where are traded bonds previously issued by the states. French yield the same period stood at 2.252% against 2.280% yesterday.
"The speech of Mario Draghi was very accommodating. He told veiled if the euro could continue to increase at a high level, the disinflation and in this case, the ECB would be forced to reduce their speed," said Frederik Ducrozet, economist at Credit Agricole CIB.
"We will closely follow the inflation forecasts of the ECB for 2014", which will be presented in the next monthly meeting, he added.
In the meantime, the Mint this rate to 0.75%, its lowest historical level that he is shut in July.
The head of the ECB, said that his institution is not a target exchange rate, two days after the French president François Hollande worried about the rise of the euro and called for the definition of policy was to prevent changes to fluctuate depending on the mood of the markets.
"The investors are reassured that Draghi certainly remain that the level of liquidity should be sufficiently high in 2013" in order to overcome the weakness of the economy in the euro zone, Cyril Regnat, bond strategist at Natixis said.
Finally, a point of reassuring the ECB alleviate an agreement with Dublin on a new plan, the burden of Ireland's debt would be signed.
Relaxation rate and the borrowing countries of southern Europe that were clearly together, made since the beginning of the week concerned. The Italian 10-year fell to 4.558% from 4.584% and the Spanish counterpart to 5.391% from 5.448%.
Madrid has raised € 4610000000 in medium and long term, slightly more than expected, however. At rates up The markets are still concerned about the consequences of the corruption scandal that. The ruling party and the Prime Minister Mariano Rajoy
Always in terms of emissions, raised 7.98 billion euros in interest to Paris to benchmark bond maturing in ten years.
Outside the euro zone, the UK rate in 10 years 2.104% from 2.096%.
The U.S. 10-year yield fell to 1.935% from 1.960%, as the 30-year 3.146% against 3.169% yesterday. The 3-month remained stable at 0.07%.
Macroeconomic statistics emerged from the session mixed. The productivity of the company added in the last quarter of 2012, its biggest decline in nearly two years, but new applications for unemployment benefits last week fell to the country.
On the interbank market, the Euribor has remained stable at 0.232%, while the Libor fell to 0.292% from 0.293% yesterday.
