Commerzbank interest rate strategist Rainer Guntermann said in a report that eurozone government bond markets may breathe a sigh of relief on Thursday, as the European Central Bank is likely to stay on hold and ECB President Christine Lagarde has not pre-committed to a September rate hike. According to Jin10, he said money markets currently expect the ECB to keep rates unchanged on Thursday, while Lagarde may leave the door open to a September hike. Guntermann said 10-year German government bond yields have approached this year’s high near 3.2%, which should provide support, and that Thursday’s purchasing managers' index data may remind markets that the growth outlook remains challenging. He added that the latest moves in energy prices have also added uncertainty to the interest-rate outlook.