| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:00 | Switzerland | KOF Leading Indicator | December | 102.9 | 101.1 | 99.5 |
EUR rose against most of the other major currencies in the European session on Monday as investors digested the preliminary inflation data from Spain, which showed a further acceleration in price increases in December.
The National Statistics Institute (INE) reported its flash estimates indicated that the consumer price index (CPI) increased by 2.8% YoY in December, accelerating from 2.4% YoY in November. This marked the highest reading since July and was above economists’ forecast of 2.6% YoY. The harmonised index of consumer prices (HICP), the measure used in the European Union to compare developments in the inflation of member states, also jumped to 2.8% YoY, exceeding economists’ prediction of 2.6% YoY.
Today’s data supported the case for a gradual approach to interest-rate reductions by the European Central Bank.