According to the report of Jinshi, Jussi Hiljanen, chief strategist of euro and dollar interest rates at SEB Research, said that the impact of US data on eurozone government bond yields is even greater than the ECB's autumn decision. If concerns about a US recession emerge, the impact will spread to the ECB's expectations and German government bond yields.

SEB Research predicts that the 10-year German government bond yield will trade in a range of 2.10%-2.30% this autumn, from 2.20% currently, but it may also temporarily fall below this range.

For the ECB's meeting next week, SEB Research expects a 25 basis point rate cut, in line with market pricing.