Inflation could be worse in the euro-zone: headline inflation rose to 0.4% as expected and core CPI beat with 1%. This is a small comfort to the ECB and its efforts in battling deflation danger. However, we have another round of inflation figures until the next meeting in March, and this move up is quite marginal.

EUR/USD does not seem to get too excited, at least not initially.Update: after not moving in the immediate aftermath, EUR/USD is grinding its way up 10 pips or so to 1.0910.

The preliminary inflation numbers for January 2016 were expected to show headline inflation picking up from 0.2% to 0.4% y/y and core inflation remaining at 0.9%. However, preliminary figures from Spain and France missed expectations, contrary to Germany, where figures were OK. In the recent rate decision, Draghi said inflation could go negative later in the year.

EUR/USD was trading just under 1.09 before the publication, down from the highs seen yesterday.

Spanish CPI dropped 0.3% y/y, worse than a rise of 0.1% expected. French CPI misssed with a drop of 1% m/m. German retail sales missed with a drop of 0.2% instead of a projected rise but French consumer spending beat with 0.7%. Earlier, monetary data released by the ECB showed that the money in circulation, M3, has decelerated its growth pace from 5% to 4.7%, worse than expected. Private loans are stuck at 1.4%

All in all, figures in the euro-zone are not so convincing, to say the least.

We have key figures from the other side of the Atlantic: US GDP.