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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain 9-Month Letras Auction climbed to 2.0% in November 2025
FMPMonthlyReleased December 2025
Spain 9-Month Letras Auction climbed to 2.0% in November 2025, released December 2025, up 0.03% from October's 1.97% reading.
Latest Release
1.999000
Actual
—
Consensus
1.965000
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 |
|---|---|---|---|---|---|
| GBP/USD | ▲ Direct | +0.92 | FOREX | Moves with | → View |
| EUR/USD | ▲ Direct | +0.65 | FOREX | Moves with | → View |
| BTC/USD | ▲ Direct | +0.48 | CRYPTO | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.33 | COMMODITIES | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
9-Month Letras Auction (Spain) was reported at 2.46% in April 2026. The reading rose from the previous value of 2.16%. Trailing 12-month context per ETL data through December 2025.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 1.97%, up from the prior three at 1.94%.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with GBP/USD (Bullish GBP). A secondary relationship exists with EUR/USD, positively correlated (Bullish EUR).
WHAT TO WATCH NEXT
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 December 2025.
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9-Month Letras Auction - ES
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About 9-Month Letras Auction — Spain
DEFINITION
The 9-Month Letras Auction is a financial indicator that measures the demand for short-term government debt in Spain. It involves the auction of 9-month Treasury bills, known as Letras, to investors. The results of this auction provide insight into the current state of the Spanish economy and the confidence of investors in the country's financial stability. This indicator is closely monitored by economists and investors as it can impact interest rates and overall market sentiment.
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 (Apr 2026): actual 2.461 %. Prior reading (Dec 2025): 1.999 %. Before that (Nov 2025): 1.965 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with GBP/USD (Bullish GBP, r=0.92) — a useful reference for forex-focused traders.
Σ
EXPECTED ZONE
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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 | 1.88 | 4.5 | 4.50 | Low | |