Euro rose in European trade on Wednesday on track for the third profit in a row against the US dollar, hitting a week high after data showed Spanish inflation rose past estimates in October, renewing the pressure on the European Central Bank.

The odds of a 0.25% ECB interest rate cut in December dipped, with investors now waiting for official German inflation data later today, then inflation data for the whole eurozone tomorrow.

The Price

The EUR/USD pair rose 0.25% today to $1.0844, the highest in a week, with a session-low at $1.0812.

The euro rose 0.1% on Tuesday, the second profit in a row away from 3-⅕ month lows att $1.0761.

Spanish Prices

Spains consumer prices rose 1.8% in October, up from 1.5% in September, and above estimates of 1.7%.

Renewed price pressures in the eurozones fourth largest economy indicates that the fight with inflation is now completely over, and hurts the odds of an ECB rate cut later this year.

European Rates

The odds of a 0.25% interest rate cut by the European Central Bank in December fell from 95% to 90%.

Now investors await similar data for Germany and the eurozone later today and tomorrow.