* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds details, updates prices) Aug 3 (Reuters) - Euro zone bond yields wavered around recent lows on Tuesday as traders eyed moves in U.S. Treasuries and data across the Atlantic. Bond yields steadied globally following losses on Monday when data showed U.S. manufacturing slowed in July for the second straight month, raising questions about economic growth. U.S. 10-year Treasury yields briefly reclaimed 1.20% on Tuesday before returning again below that critical level they breached in the previous session. Bond yields move inversely with prices. Germany’s 10-year yield, the benchmark for the euro zone, which is closely correlated to U.S. Treasuries, fell to a fresh February low and by 1515 GMT it was flat at -0.482%. Its 30-year yield, which turned negative and sent the whole German yield curve into negative territory on Monday, was last just below 0%. “It’s definitely a good barometer of how much of a squeeze there is in the bond market, especially in the long-dated bond markets,” Antoine Bouvet, senior rates strategist at ING, said of the 30-year yield turning negative. Citing European Central Bank data released on Monday, he noted that the average maturity of public sector debt the bank holds under its Pandemic Emergency Purchase Programme exceeds that of the universe of eligible bonds for the first time, putting downward pressure on longer-dated yields. The data also showed that the ECB bought roughly 1.5-times more debt from Italy, Germany, France and Spain than their net issuance in June and July. Elsewhere in the euro zone, 10-year Italian, French and Spanish bond yields hovered near February lows and were last little changed on the day. With little data coming out of the euro zone, eyes were on the U.S., where data showed new orders for U.S.-made goods increased more than expected in June. The data had little impact but helped bond yields come slightly off lows. Given a quiet week, euro zone bonds are “very much beholden to what’s going to happen in the U.S.”, ING’s Bouvet said. In the primary market, Austria raised 1.3 billion euros from the auction of bonds due 2025 and 2031. ($1 = 0.8423 euros) Reporting by Yoruk Bahceli and Danilo Masoni; Editing by Rashmi Aich, Shailesh Kuber and Giles Elgood Our Standards: The Thomson Reuters Trust Principles.