Oct 14 (Reuters) - Euro zone bond yields ticked up on Thursday and sought direction after a volatile session that saw yields drop sharply on Wednesday. Government bond yields, driven higher over the last month by worries around inflation and hawkish comments from central banks, dropped on Wednesday as markets started to consolidate. Bond yields move inversely with prices. With little data and supply to move markets, Thursday’s session was poised for calm, with yields moving marginally higher in early trade. In the euro area, Germany’s 10-year yield, the benchmark for the bloc, was up 1 basis point (bp) to -0.12% by 0716 GMT, holding below Wednesday’s near 5-month high of -0.088%. “This suggests market direction will be mainly driven by positioning, ECB purchases and the ongoing debate on inflation, although with no fresh news,” UniCredit analysts told clients. Investors will focus on central bank speakers, particularly the Bank of England’s Silvana Tenreyro and Catherine Mann, who are considered doves, as UK gilt yields have led recent moves in developed government bond markets. The 10-year yield ended the session 6 bps lower after volatile trading saw it drop as much as 10 bps. Analysts said they may question the rate hike bets that have driven British bond yields sharply higher, which could also help stabilize German government bonds. From the European Central Bank, executive board member Frank Elderson is due to speak at 1005 GMT, while some U.S. Federal Reserve policymakers will also be in focus after the bank’s September meeting minutes showed how it might start reducing its bond purchases from mid-November. In the primary market, Ireland will raise up to 1.5 billion euros from 10, 15 and 30-year bonds. (Reporting by Yoruk Bahceli Editing by Toby Chopra and Mark Potter) Our Standards: The Thomson Reuters Trust Principles.