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0800GMT brings Saxony CPI and provisional....>

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DUE UP: 0800GMT brings Saxony CPI and provisional Spanish Q4 GDP.
- Consensus is for National German HICP to stay at 1.7%Y/Y, with a 0.6% monthly
decline. It is difficult to overstate the importance of Eurozone CPI data for
the ECB and eonia curve at present, given the expectation that the ECB will be
discussing forward guidance at the march ECB when new staff forecasts will be
available.
- In terms of the importance of the various German States' CPIs, the biggest is
NRW, followed by Bavaria, Baden Wuerrtemberg, Saxony, Hesse and Brandenburg is
tiny. It is easier to concentrate upon the monthly (rather than annual) changes
in State CPIs to get an idea of whether the national number will be above/below
consensus. 
- Spanish Q4 GDP is expected to rise 0.7%Q/Q.

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