The preliminary German Consumer Price Index (CPI) figure turned negative in February for the first time in five months, opening doors for further ECB monetary policy easing. Germany’s HICP fell 0.2% y/y, compared to the estimated figure of 0.0%. Month-on-month, the HICP printed at 0.4%, missing the estimate of 0.6%. The annualized CPI stalled in February, missing the estimated figure of 0.2%. The last time Germany's HICP inflation turned negative was in September 2015. The weak data means the ECB has little room to disappoint in March. The central bank is widely expected to cut its deposit rate by 10 basis points to -0.4% on March 10 and expand its monthly bond buying program by EUR 10-30 billion. For more information, read our latest forex news.