That is the gist of comments from ANZ on the inflation data due from the euro area today

I posted previews of what to watch here:

And ... this from ANZ for a little more (bolding mine):

In Europe the core CPI will be released

  • With all the recent focus on the US inflation pulse and the pace of tightening from the Fed in the past couple of weeks, the path of policy in Europe has dropped away as a driver of the EUR
  • While the February PMI pulse showed a slight easing in the momentum of growth, the level remains elevated and as such, any upside surprise to inflation in the region could refocus attention on the ECB and provide support for the EUR