Investing.com - The euro zone's M3 money supply grew more than expected in May, while private loans declined for the 25th consecutive month, official data showed on Monday.
In a report, the European Central Bank said M3 money supply in the single currency bloc rose at annualized rate of 1% last month, above forecasts for a 0.8% gain. M3 money supply in the euro zone rose 0.7% in the preceding month.
Loans to private sector declined at a pace of 2% annually in May, compared to expectations for a 1.6% drop, after falling 1.8% in April.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD rising 0.03% to trade at 1.3654.
Meanwhile, European stock markets were higher. The Euro Stoxx 50 advanced 0.2%, France’s CAC 40 tacked on 0.1%, Germany's DAX picked up 0.4%, while London’s FTSE 100 rose 0.1%.