Spain CPI y/y comes in at 3.5% against 3% consensus

Spain’s Consumer Price Index year over year (CPI y/y) for July was reported at 3.5%, exceeding the consensus forecast of 3%. The previous reading was 3.2%. This print represents a 16.7% surprise relative to the consensus estimate.

Following the release, the Euro saw varied reactions across major pairs within the first 15 minutes. EURAUD moved -22 pips, EURCAD moved +2.3 pips, EURCHF moved -2.3 pips, and EURGBP moved -5.2 pips. EURJPY moved -10 pips, EURNZD moved -28 pips, and EURUSD moved -3.7 pips. For context, the median 1-hour move for EURAUD is 12 pips, for EURCAD it is 9 pips, for EURCHF it is 6 pips, for EURGBP it is 5 pips, for EURJPY it is 11 pips, for EURNZD it is 13 pips, and for EURUSD it is 8 pips. Some pairs, such as EURNZD, showed a move larger than their median 1-hour historical reaction, while others like EURCAD and EURUSD showed smaller moves relative to their typical median 1-hour reactions.