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Euro zone M3 money supply grows 2.2% in July

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Investing.com - The euro zone's M3 money supply grew more-than-expected in July, while private loans declined for the 14th consecutive month, official data showed on Wednesday.

In a report, the European Central Bank said M3 money supply in the single currency bloc rose at annualized rate of 2.2% in July, above expectations for a 2.1% increase.

M3 money supply in the euro zone rose 2.4% in the preceding month.

Loans to private sector declined at a pace of 1.9% annually last month, compared to expectations for a 1.6% drop, after falling 1.6% in June.

Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.12% to trade at 1.3377.

Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.4%, France's CAC 40 declined 0.1%, Germany's DAX dipped 0.5%, while London's FTSE 100 shed 0.45%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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