Eurozone M3 money supply yy +5.3% vs +4.9% exp

Latest money supply data now out

• +4.9% prev revised down from +5.0%
• M3 3-month average +5.1% vs +5.0% exp vs +5.1% prev

Money supply expansion continues in the wake of ECB QE with pvt sector loan growth in July showing solid improvement at +0.9% vs +0.2% in June