Generally, a government bond is issued by a national government and is denominated in the country`s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. The yield required by investors to loan funds to governments reflects inflation expectations and the likelihood that the debt will be repaid.
A higher than expected figure should be seen as positive (bullish) for the EUR while a lower than expected figure should be seen as negative (bearish) for the EUR.