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.
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- 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
