Eurozone October M3 money supply +5.1% vs +6.2% y/y expected

• Prior +6.3%

There is a slight noticeable dip in broad money growth, which largely stems from a narrower aggregate for M1 as seen in the chart above. But just be aware that there is also a slight technical factor impacting the September reading, which would have stood at 5.8% instead. The one-off technical factor is related to a temporary deposit in the Eurosystem. That temporary deposit had been placed by a clearinghouse classified within the “non-monetary financial corporations excluding insurance corporations and pension funds” sector and was reversed in October 2022.

/EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term