We could get a mini rally for bonds from a weaker number because it goes against the big expectations for higher rates and stronger growth.
The ZEW indicator is at levels which previously have marked a high, and discussion will now start on whether the ECB will hike rates earlier than in March. This will put the front-end under pressure.
Asset liability matching demand from pension funds will support the longer end and assuming the ECB hikes rates aggressively, we might see a flat yield curve by April.
It's becoming harder to believe that the ECB will only raises rates once with confidence high and policy makers sounding hawkish. The short end of the bond market will remain under pressure.
The central bank is very likely to send a stronger message that rates are going up in the near future, because the economic outlook is getting brighter. This will put downward pressure on the bond market.