Markets are once again rather quiet and directionless
There are two big datapoints out of the Eurozone this morning that people will be talking about.
One is that M3 — a measure of money supply — grew just 0.8% in April, the slowest pace in 3 years. This will give the ECB more impetus to ease policy at its next meeting.
Also, German unemployment unexpectedly jumped by over 20,000 in April, its worst reading in several years as well.
So if there’s one thread this morning, that’s it: Weak numbers from the Eurozone that will likely spur action by the ECB.
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