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Euro trims declines against U.S. dollar after Spanish inflation surge

LONDON, June 29 (Reuters) – The euro steadied on Wednesday after falling to a six-day low, reacting to the release of conflicting inflation data in Germany and Spain that created a difficult backdrop for European Central Bank policymaking.

The European common single currency decline in early London trading after data showed June prices in the German state of North Rhine–Westphalia (NRW) had been 0.1% lower than in May.

But the euro trimmed those losses, flattening on the day, after data showed Spanish 12-month inflation had risen to 10.2% in June, up from 8.7% in May and surpassing 10% for the first time since April 1985. read more

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“Clearly the strength of Spanish CPI inflation data has undone the pressure on the euro,” said Jane Foley, head of FX strategy at Rabobank in London. That came after the -0.1% drop in Germany’s NRW June CPI number led “the market to question…

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