EUR flows: EUR supported by strong Spanish data

More strong numbers from the Eurozone, with Spanish GDP up 0.8% q/q against market expectations of a 0.6% rise, while provisional October CPI was also above expectations at 0.6% m/m (although it was in line with consensus at 0.4% m/m on an HICP basis).  The data further reduces the chances of a significant downturn in Eurozone growth, and consequently the chances of a 50bp ECB rate cut in December, even though the German data later is likely to be weaker. EUR/USD should get some support from this, but with front end spreads already pointing lower upside is limited.