Weak German and China data hits euro
Everything prepared for a rate cut, but will they dare?
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The euro fell below $1.30 to the dollar and German bond futures jumped on Tuesday after data revealed a slowdown in business activity in Germany and China in April, heightening concerns over the global growth outlook.
Markit's flash German composite Purchasing Managers' Index (PMI), which measures both manufacturing and service sectors, shrank for the first time in five months in April, although a broader euro zone gauge pointed to the region's recession stabilising.
After the data was released the euro fell 0.6 percent to $1.2985, its lowest level since April 8, while against the yen it tumbled 1.2 percent to 128.04 yen.
German government bond futures, traditionally sought by investors for safety, hit their highest level since June 1, rising to a peak of 146.69, up 34 ticks. The 10-year cash bond yield dropped two basis points to 1.2 percent.
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