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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain 12-Month Letras Auction fell to 2.5% in June 2026
FMPMonthlyReleased July 2026
Spain 12-Month Letras Auction fell to 2.5% in June 2026, released July 2026, down 0.04% from May's 2.54% reading.
Latest Release
2.500000
Actual
—
Consensus
2.543000
Previous
Sigmacast Track Record
Sigmacast track record will appear here once this indicator has been released 3+ times since Sigmanomics began tracking.
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/USD | ▼ Inverse | −0.92 | FOREX | Moves against | → View |
| GBP/USD | ▼ Inverse | −0.71 | FOREX | Moves against | → View |
| BTC/USD | ▲ Direct | +0.49 | CRYPTO | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.47 | COMMODITIES | Moves against | → View |
| USD/JPY | ▲ Direct | +0.43 | FOREX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
12-Month Letras Auction (Spain) was reported at 2.5% in July 2026. The reading fell from the previous value of 2.54%. Trailing 12-month context per ETL data through July 2026. Over the past 12 months, the indicator has averaged 2.11%, ranging from 1.95% to 2.54% across 10 releases.
WHY IT MATTERS
The trailing three releases averaged 2.39%, up from the prior three at 2.02%. Volatility over the past year (σ 0.21%) is lower than the prior year (σ 0.37%).
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with EUR/USD (Bearish EUR). A secondary relationship exists with GBP/USD, negatively correlated (Bearish GBP).
WHAT TO WATCH NEXT
The next release is scheduled for August 4, 2026. Same-country events in the next 14 days include S&P Global Manufacturing PMI (Aug 3) and Employment Change (Aug 4).
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
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12-Month Letras Auction - ES
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About 12-Month Letras Auction — Spain
DEFINITION
The 12-Month Letras Auction is a financial indicator that measures the demand for short-term government debt in a specific country. It is a monthly auction where investors bid on 12-month Letras, which are fixed-rate bonds issued by the government. This indicator provides insight into the current state of the economy and investor confidence in the government's ability to repay its debt. A high demand for Letras indicates a strong economy and stable government, while a low demand may suggest economic uncertainty or lack of confidence in the government's financial stability.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2026): actual 2.5 %. Prior reading (Jun 2026): 2.543 %. Before that (May 2026): 2.635 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with EUR/USD (Bearish EUR, r=-0.92) — a useful reference for forex-focused traders.
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Economic Calendar - ES Events
| Thursday, July 30, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 07:00 | ES | CPI MoM | 0.2 | 0.6 | 0.2 | 0.20 | Low |
| 07:00 | ES | HICP YoY | 3.8 | 3.6 | 3.7 | 3.75 | Medium |
| 07:00 | ES | CPI YoY | 3.5 | 3.2 | 3.2 | 3.35 | Medium |
| 07:00 | ES | HICP MoM | -0.1 | 0.6 | -0.2 | -0.15 | Low |
| 07:00 | ES | Core Inflation Rate YoY | 3 | 2.9 | 2.9 | 2.95 | Low |
| 07:00 | ES | Gross Domestic Product YoY | 2.7 | 2.7 | 2.5 | 2.60 | Low |
| 07:00 | ES | Inflation Rate YoY | 3.5 | 3.2 | 3.4 | 3.45 | Medium |
| 07:00 | ES | GDP Growth Rate QoQ | 0.7 | 0.6 | 0.6 | 0.65 | High |
| 07:00 | ES | Harmonised Inflation Rate MoM | -0.1 | 0.6 | -0.2 | -0.15 | Low |
| 07:00 | ES | Harmonised Inflation Rate YoY | 3.8 | 3.6 | 3.7 | 3.75 | Low |
| 07:00 | ES | GDP Growth Rate YoY | 2.7 | 2.7 | 2.5 | 2.60 | High |
| 07:00 | ES | Gross Domestic Product QoQ | 0.7 | 0.6 | 0.6 | 0.65 | Medium |
| 07:00 | ES | Inflation Rate MoM | 0.2 | 0.6 | 0.2 | 0.20 | Medium |
| 11:00 | ES | Business Confidence | -2.6 | -2.4 | -2.7 | -2.65 | Medium |
| Friday, July 31, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 08:00 | ES | Current Account | 1.84 | 1.88 | 4.5 | 3.17 | Low |