Flash Spanish CPI inflation report for October was released today at 8:00 am GMT. Report was expected to show quite a noticeable month-over-month jump of 0.6, following a 0.2% MoM pick-up in September. An acceleration was also expected on an annual basis.
Actual data showed a smaller than expected MoM pick-up as well as annual gauge staying unchanged compared to September. EUR dropped following the release as it plays well into ECB narrative that rate hikes may not be needed any more.
Spain, CPI inflation for October
- Annual: 3.5% YoY vs 3.9% YoY expected (3.5% YoY previously)
- Monthly: 0.3% MoM vs 0.6% MoM expected (0.2% MoM previously)
EURUSD dropped to a new daily low following miss in Spanish CPI data. Source: xStation5
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