Did Trichet Just Get The One Data Point He Needs To Say No To A Rate Hike?

The eurozone’s February PMI came in slightly hotter than expected this morning, increasing 0.8% month-over-month, according to eurostat. But the January PPI number that once seemed so hot has now been revised down from 1.5% to 1.3% month-over-month.

The story remains that higher energy prices are driving producer price inflation, with a 1.2% month-over-month gain for energy.

Markets seem to believe that the downward revision for January may give Trichet and the ECB some doubts about their planned rate hike on April 7.

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The euro has fallen slightly on the news.

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