M3 Money Supply increased less than expected
The annual growth rate of the broad monetary aggregate M3 increased to 4.0% in February 2015, from 3.7% in January 2015. Analysts were predicting 4.3% increase. The three-month average of the annual growth rates of M3 in the period from December 2014 to February 2015 increased to 3.8%, from 3.5% in the period from November 2014 to January 2015.
Among the components of credit to the private sector, the annual growth rate of loans stood at -0.1% in February, compared with -0.2% in the previous month, missing forecast on 0.3% incline. The annual growth rate of loans to households stood at -0.2% in February, compared with -0.1% in January (adjusted for loan sales and securitisation, the rate stood at 1.0%, compared with 0.9% in the previous month).
After the data euro was pushed lower and is currently being traded few points below 1.1030 level. Pair is likely to find support around 1.0980 and resistance above 1.1080 area. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
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