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M3 increased to 4.6% in March

Wednesday, Apr 29 2015
The annual growth rate of the broad monetary aggregate M3 increased to 4.6% in March 2015, from 4.0% in February 2015. Analysts were anticipating increase to 4.3%. The three-month average of the annual growth rates of M3 in the period from January 2015 to March 2015 increased to 4.1%, from 3.8% in the period from December 2014 to February 2015.  
 
Turning to the main counterparts of M3 on the asset side of the consolidated balance sheet of monetary financial institutions (MFIs), the annual growth rate of total credit granted to euro area residents increased to 0.4% in March 2015, from 0.0% in the previous month. The annual growth rate of credit extended to general government increased to 2.5% in March, from 1.8% in February, while the annual growth rate of credit extended to the private sector was less negative at -0.2% in March, from -0.5% in the previous month. 
 
Data did not have any major impact on the markets. Euro is currently being traded slightly below 1.10 handle. Pair is likely to find support around 1.090 level and resistance above 1.1050 area. Later today, German Prelim CPI figures are scheduled for a release.
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