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M3 Money Supply increased to 5.3%

Friday, May 29 2015
The annual growth rate of the broad monetary aggregate M3 increased to 5.3% in April 2015, from 4.6% in March 2015. Analysts were forecasting increase to 4.9%. The three-month average of the annual growth rates of M3 in the period from February 2015 to April 2015 increased to 4.7%, from 4.2% in the period from January 2015 to March 2015. 
 
Annual growth rate of credit extended to the private sector increased to 0.0% in April, from -0.2% in the previous month. Among the components of credit to the private sector, the annual growth rate of loans stood at 0.0% in April, compared with 0.1% in the previous month. 
 
Earlier today, Spanish CPI figures were released showing 0.2% decrease, but beating expectations on 0.5% decline. This indicator provides a preview of CPI, if confirmed, would be increase of four-tenths in the annual rate, since in the month of April the change was the -0.6%. This increase is mainly explained by rising prices of fuels (diesel and petrol) and the aliments and non-alcoholic beverages.
 
Euro rose in the European part of the session, supported by these figures and is currently being traded few points above 1.0970 area. Pair is likely to find support around 1.0850 level and resistance around 1.10 handle. Later today, in the US session, GDP, Chicago PMI and Revised Consumer Sentiment figures are being released.
More in this category: « German Retail Sales up by 1.7% US GDP fell by 0.7% in Q1 »

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