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

DUE UP: 0800GMT brings Saxony CPI and provisional Spanish CPI. 

- Consensus is for National German HICP to stay at 1.3%Y/Y, with a 0.6% monthly

rise, remember that German CPI surprised to the downside in January. 

- 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.

- The consensus for Spanish HICP is -0.2%M/M, 0.9%Y/Y.