Forex News

Eurozone September M3 money supply +6.3% vs +6.1% y/y expected

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  • Prior +6.1%

Broad money growth picked up in September largely due to a one-off technical factor, in which the figures include a large temporary position of the Eurosystem vis-à-vis a clearinghouse, classified within the “non-monetary financial corporations excluding insurance corporations and pension funds” sector. All the aggregates to which these deposits belong are inflated by said one-off technical factor. Otherwise, M3 annual growth in September would’ve been 5.8%.