The European Central Bank released the M3 Money Supply figures today for May, the year over year indicator appreciated at 2.4%, despite the forecast for 2.1%. The 3m moving average Money Supply indicator has climbed to 2.2%, marginally above the forecast of 2.1% and the previous rate of 2.1%. The M3 data is an important indicator of inflation in the single currency community. The Euro zone Consumer Price Index came out at 2.7%, same as May number, though, slightly below of the expectation of 2.8%. CPI is released by Eurostat and it is a significant measure of changes in purchasing trends and inflation in the Zone. High readings are considered as positive for the Euro. After the announcement of the CPI the Euro has lost some 23 pips to touch 1.4463 against the US Dollar. However, the single currency has rebounded quickly climbing up to 1.4489 at 10:35 GMT. The pair now is trading at 1.4478, holding the vast majority of its gains from the four day rally.
