Eurozone inflation falls but M3 grows

GERMANY - News on Friday of a marked drop in euro zone inflation in May strengthened beliefs that the European Central Bank will hold fire on interest rates, even as the ECB's key money gauge moved further away from its benchmark.

In rare good news for euro zone prices, a first estimate of inflation showed a drop to the ECB's self-imposed two-percent ceiling for the first time this year, from 2.4 percent in April.

The data, which come after recent euro gains against the dollar, offered the ECB a

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