Market movers today
Data on euro area credit and M3 growth are due out today. While we estimate M3 continued to show around 5% yearly growth, we believe loan growth continued its upward trend. In particular, adjusted loans to NFCs increased from 1.9% in February to 2.4% in April. We estimate this increased further in May, as credit demand continued to increase.
ECB president Mario Draghi is due to participate in a Policy Panel at 15:30 CET at the ECB Forum on central banking in Portugal. The Fed's Williams is due to speak at 9:30 CET but the speech will be a reprise of the speech held yesterday.
Italy will be the first euro country to release HICP inflation for June. Consensus estimates a decline to 1.4% y/y from 1.6% y/y in May. Tomorrow, Germany and Spain are due to release inflation data, followed by the flash estimate for the euro area on Friday.
Data on the US trade balance and pending home sales are due for release.
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