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Spanish CPI Moves Euro Lower

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Flash CPI report from Spain for March was released at 8:00 am BST today. Report was expected to show a huge year-over-year deceleration, from 6.0 to 3.8% YoY. However, this was mostly due to base effects in energy. On a month-over-month basis expectations were for 0.6% MoM increase. Actual report showed an even bigger slowdown in annual data with headline CPI dropping from 6.0 to 3.3% YoY. Spanish CPI increased 0.4% MoM in March.

Spain, CPI inflation for March

  • Year-over-year: 3.3% YoY vs 3.8% YoY expected (6.0% YoY previously)
  • Month-over-month: 0.4% MoM vs 0.6% MoM expected

EURUSD took a hit following the release but scale of the move was rather small. European equity markets dipped in a knee-jerk move but those losses were quickly recovered and DE30 is trading higher now. However, reaction on equity market may have been distorted by opening of the European cash session.

EURUSD at 15-minute interval. Source: xStation5

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