September 13, 2013 / 12:50 PM / 4 years ago

German Bunds reverse losses after U.S. data

LONDON, Sept 13 (Reuters) - German Bunds edged higher on Friday after U.S. retail sales rose less than expected in August while inflation pressures remained benign.

Bunds reversed losses triggered earlier by a Japanese newspaper report that U.S. President Barack Obama was close to nominating former Treasury Secretary Lawrence Summers as the next Federal Reserve chief.

“Throughout the day we’ve had speculation that Summers would be nominated by Obama but since then the data we just had from the U.S., the PPIs and the retail sales were borderline disappointing,” one trader said.

Bund futures rose to a session high of 137.88, up 10 ticks on the day, having traded as low as 137.17 earlier.

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