Spanish CPI causes major EUR move

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Thursday morning, a previously not noted macroeconomic data release caused a major Euro decline. The publication of the Spanish Flash CPI revealed information that inflation in the Euro Zone might be far below what was previously assumed.

The Spanish Flash CPI was expected to show a stunning decline of inflation, down to 2.4% from the previous 2.8%. The actual data was 2.2%, which is almost at the ECB target. Moreover, note that inflation in Spain has been steadily declining. It has decreased from 3.6% in May down to 2.2% over the span of three months.

Namely, the European Central Bank might easily increase their rate cut program. Due to the signal of potential increased weakening of Euro rates, the EUR/USD plummeted 40 base points or 0.36% in the ten minutes following the release.
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