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EURO GOVT-Bunds dip before U.S. non-farm payrolls
December 7, 2012 / 7:11 AM / in 5 years

EURO GOVT-Bunds dip before U.S. non-farm payrolls

LONDON, Dec 7 (Reuters) - Bund futures fell slightly on Friday ahead of U.S. jobs data as investors booked profits on the previous session’s rally sparked by bets of further European Central Bank easing.

The ECB sharply cut its forecasts for the euro zone economy at its meeting on Thursday and bank President Mario Draghi said the bank discussed the possibility of cutting its deposit facility rate to below zero.

Bund futures were last 7 ticks lower at 145.62. The March 2013 contract has risen by more than a point over the past two sessions.

“The ECB was dovish yesterday ... but we’ve had a rally in Bunds over the past two days and we’ll be looking to consolidate gains. It’s all about (non-farm) payrolls today,” one trader said.

With superstorm Sandy having disrupted U.S. economic activity, payrolls in November are expected to have increased only by 93,000, compared with October’s gain of 171,000, a Reuters survey of economists showed. The unemployment rate is seen holding steady at 7.9 percent.

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