Mixed Spanish and French CPI Data Keeps Euro Buoyant

In a busy day of data releases from the European Union, the Euro stayed buoyant after some mixed Spanish and French CPI data releases. Following yesterday’s news that German annual inflation turned positive in March, attention turned this morning to Spain and France.

Spanish CPI

In a report issued by the Instituto Nacional de Estadistica, official data showed on Thursday that Spanish Consumer price inflation increased less-than-expected last month. CPI in Spain increased to 0.6%, a big leap from the -0.4% recorded in January.

Although a sizable increase, it still failed to meet market expectations. Analysts had been expecting Spanish CPI to post an increase of 0.7% for last month.

French CPI

In a report issued by the French National Institute for Statistics and Economic Studies, official data showed on Thursday  that Consumer price inflation in France increased at a more-than-expected rate in February.

French CPI increased to a seasonally adjusted rate of 0.7%, a strong increase from the 0.3% recorded in the month prior. The figures sent the Euro higher against its US counterpart after analysts had been expecting French CPI to increase to only 0.5% last month. The Euro had been under pressure following the release of weak Spanish and German Retail Sales data.

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Daniel Simmons