Latest data released by INE - 9 May 2019

  • Prior -1.1%; revised to -1.0%
  • Industrial output -3.1% vs -1.2% y/y expected
  • Prior -0.3%; revised to -0.2%

A bit of a miss there in terms of Spanish industrial activity to round off Q1, but again this is very much a lagging data point. It shouldn't do much to really hurt sentiment as a whole given that we've already seen Spain perform decently in the first quarter of the year.

EUR/USD sits at 1.1198 currently, little changed on the day as narrow ranges still prevail. Markets continue to keep one eye on US-China trade talks, so cautious sentiment is still very much the name of the game right now.