BREAKING: EUR gains after Spanish CPI reading

Spanish CPI report for June was released today at 8:00 am BST. Report was expected to show a slowdown in headline measure from 3.2 to 1.7% YoY. However, actual report showed a slowdown to just 1.9% YoY. On a monthly basis, inflation reached 0.6% MoM while market expected 0.3% MoM. EUR moved higher following the release and climbed back above 1.09. This further support euro after state-level data from Germany that was already released also showed an upside surprise. Data for whole Germany will be released at 1:00 pm BST today.

EURUSD jumped above 1.09 mark after higher-than-expected CPI reading from Spain. Source: xStation5