Eurozone July M3 money supply +0.4% vs 0.0% y/y expected

<ul><li>Prior +0.6%</li></ul><p>Broad money growth did not slow as much as estimated but it is still reflecting a further tightening in credit conditions. The credit crunch is starting to become more evident in Europe and that will be a key consideration that the ECB needs to be mindful of in the months ahead.</p>

This article was written by Justin Low at www.forexlive.com.