Spain's economic momentum improved signficantly

Spain Q4 preliminary GDP +0.6% vs +0.2% QoQ expected

- Spain Q4 preliminary GDP +2.0% YoY vs +1.5%YoY expected

Spanish CPI (Y/Y) Jan P: 3.4% (est 3.0%; prev 3.1%)

- CPI (M/M) Jan P: 0.1% (est -0.2%; prev 0.0%)

- CPI Core (Y/Y) Jan P: 3.6% (est 3.3%; prev 3.8%)

06:30 am GMT publication:

- French Consumer Spending (M/M) Dec: 0.3% (est 0.0%; prev R 0.6%)

- Consumer Spending (Y/Y): 1.3% (est 1.1%; prev R -1.0%)

- French GDP (Q/Q) Q4 P: 0.0% (est 0.0%; prev R 0.0%)

- GDP (Y/Y): 0.7% (est 0.7%; prev 0.6%)

Overall, data from Spain and France point to recovery/stagnation in the European Union economies. Consumer activity is performing better than expectations (France), which is also followed by inflation increases in Spain. The euro appreciated against the U.S. dollar immediately after the publication of data from Spain.

Source: xStation