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EURO GOVT-Bunds steady as markets wait for Greek decision
November 23, 2012 / 7:11 AM / 5 years ago

EURO GOVT-Bunds steady as markets wait for Greek decision

LONDON, Nov 23 (Reuters) - German government bond futures were steady early on Friday but on track for their first weekly loss in five weeks on expectations Greece would soon secure the next tranche of its international aid package.

Bund futures were 3 ticks lower at 142.13, having fallen around 125 ticks this week.

Expectations a deal on Greece will be reached on Monday, when international creditors will hold another round of talks, are growing, with Olli Rehn, the European commissioner for economic affairs saying euro zone finance ministers should be able to sign-off on the aid payment.

“We’re really waiting for Monday,” a trader said.

“But the main flows this week have been the reasonable buying of the periphery from Spain to Greece. It doesn’t take much to move prices significantly and there’s been enough of a one-way flow in these markets to make a difference.”

Data on German business morale will be released at 0900 GMT, with the Ifo business climate index, a key barometer of economic health in Germany, seen slipping to 99.5 in November from 100.0 last month, according to a Reuters survey..

“If the Ifo index surprises to the upside this would add to the currently more bearish tone in Bund trading,” Commerzbank strategists said in a note.

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