Spanish flash CPI data for February was released today at 8:00 am GMT. Report was expected to show a deceleration in headline CPI from 3.4% to 2.7% YoY, as well as a 0.3% MoM increase.
Actual report turned out to be a small 'hawkish' surprise, with annual price growth slowing from 3.4 to 2.8% YoY, instead of expected 2.7%. On a monthly basis, the reading matched expectations. French CPI data released earlier today also came in higher than expected. EUR gained following the release. Interestingly, equity markets also moved higher although data was released during the opening of the European cash session and so the move higher on equities may not be driven by CPI data.
Spain, inflation data for February
- Annual: 2.8% YoY vs 2.7% YoY expected (3.4% YoY previously)
- Monthly: 0.3% MoM vs 0.3% MoM expected (0.1% MoM previously)
EURUSD bounced off the 1.0830 support zone following release of Spanish CPI data and climbed above 50-hour moving average (green line). Source: xStation5
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