EUR flows: EUR little changed despite weak German GDP

German state CPIs look to be coming in broadly in line with expectations, suggesting the national CPI later will stay at 2.2% or 2.5% on an HICP basis, but German GDP was weaker than expected, falling 0.1% q/q against a consensus of a 0.1% rise. This follows stronger than expected French GDP earlier. Italian GDP was as expected at 0.2% q/q, while Spanish CPI was weaker than expected. So generally mixed European data, but on balance the numbers are on the weak side, suggesting some downward pressure on EUR/USD, but thus far there has been little reaction.