Spain April preliminary CPI +3.2% vs +3.4% y/y expected

Spain's preliminary April CPI came in at +3.2% year-on-year, below the +3.4% expected, suggesting a slightly softer inflation trend than anticipated. The downward surprise may reduce pressure on the ECB to maintain a hawkish stance, particularly as Spain is a key eurozone economy and its inflation print feeds directly into the bloc's aggregate HICP data. Lower-than-expected inflation supports expectations of earlier rate cuts in the eurozone, weighing on the euro through diminished rate differentials and reduced yield attractiveness. The EUR/USD and peripheral bond spreads are particularly exposed, as markets reassess the timing of ECB policy easing. Traders will focus on the upcoming eurozone-wide April CPI release for confirmation of the disinflationary momentum.

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