Spain HICP y/y comes in at 5% against 5% consensus

Spain’s Harmonized Index of Consumer Prices (HICP) year over year for October came in at 5%. This figure matched the consensus expectation of 5%, resulting in a 0.0% surprise. The previous month’s reading was also 5%.

Following the release, the Euro showed a mixed but generally subdued reaction against major currencies over the first 15 minutes. EURUSD traded down 8.2 pips, while EURAUD was down 13 pips and EURNZD was down 15 pips. EURJPY declined by 5.9 pips, EURCAD by 5.4 pips, and EURCHF by 2.7 pips. EURGBP saw a slight gain of 1.0 pip. These moves are generally smaller than the median 1-hour moves observed after past releases, which typically see EURUSD move 8 pips, EURAUD 11 pips, EURNZD 13 pips, EURJPY 10 pips, EURCAD 9 pips, EURCHF 6 pips, and EURGBP 5 pips.