Unexpected rise in eurozone money supply

Data from the European Central Bank (ECB) released today showed a surprise jump in M3 money supply in the eurozone and loans to the private sector.

The broad money indicator, M3, rose to 10.9% from the downwardly revised May figure of 10.6%, just under the 24-year peak of 11% growth recorded in March.

In addition, loans to the private sector rose by 10.8%, also faster than the May figure of 10.4%. Analysts had predicted a figure of 10.2%.

Inflation in the eurozone has been below the central bank