The euro zone released the M3 Money Supply figures for March, where the seasonally adjusted three month average index expanded by 2.8% from the previous expansion of 2.3%, beating estimates of 2.7%.
Moreover, the seasonally adjusted annual index expanded in March by 3.2% from the previous expansion of 2.8%, beating estimates of 2.8%. The expansion seen in the supply of money in the euro zone most probably was supported by the long-term refinancing operations, which were provided by the European Central Bank once this year in February and twice since December.
The effect of the long-term funds provided for banks took time to reach the real economy and still we are waiting the impact in the coming period to be more significant.
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009