Eurozone March M3 money supply 28 April

  • 4.7% prev
  • household lending growth + 2.4% yy vs 2.3% prev
  • corp lending growth +2.3% yy vs 2.0%

M3 Money Supply measures the change in the total quantity of domestic currency in circulation and deposited in banks. An increasing supply of money leads to additional spending, which in turn leads to inflation.

Well that's the theory but wages have to keep pace too otherwise it's just shoring up household debt as we see in the UK.

Full ECB report here

EURUSD still treading water at 1.0885 EURUSD also at 0.8415