EUR flows: EUR should get support from GDP, CPI data

German Q4 GDP comes in as expected at -0.3% q/q, but stronger than expected Spanish and Italian GDP at 0.6% and 0.2% respectively suggests the Eurozone may in the end avoid a recession with a flat Q4. Spanish HICP is also on the strong side of expectations at 3.5% y/y in January, so the data suggests that the market is probably overpricing the chances of an April rate cut (at close to 100%). EUR yields are a little higher on the day, bucking the decline in yields in the US and UK, and should provide the EUR with support above 1.08.