BREAKING: EUR ticks lower after Spanish data

Spanish GDP report for Q2 2024 was released at 8:00 am BST today, with flash CPI data for July from the country being released simultaneously. GDP report was expected to show acceleration in quarter-over-quarter growth compared to Q1 2024, but annual pace of growth was expected to remain unchanged. When it comes to CPI data, a slowdown was expected.

Actual data turned out to be a positive surprise with GDP growing faster than expected, and maintain QoQ pace of growth from Q1 2024. CPI report surprised to the downside with headline CPI inflation slowing more than expected.

Release triggered a pullback on EUR market. However, scale of the move was very small, with EURUSD dropping less than 0.1% in the first few minutes after the release.

Spain, GDP report for Q2 2024

• Annual: 2.9% YoY vs 2.5% YoY expected (2.5% YoY in Q1 2024)
• Quarterly: 0.8% QoQ vs 0.5% QoQ expected (0.8% QoQ in Q1 2024)

Spain, flash CPI inflation for July

• Annual: 2.8% YoY vs 3.0% YoY expected (3.4% YoY previously)
• Monthly: -0.5% MoM vs -0.2% MoM expected (+0.4% MoM previously)

EURUSD ticked lower following release of Spanish data, but scale of the move was very small. Source: xStation5