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EZ data supporting no action from ECB - BBH

FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman suggested that the data out of the euro-zone today was, on the margin, also supportive of the view that the ECB should hold fire on further action.

Key Quotes:

"M3 for July rose by 1.8% y/y, higher than the expected 1.5%."

"And the June figure was revised slightly higher to 1.6%. Moreover, lending contracted by 1.6% in July, less than the 1.8% contraction in June."

"Regional inflation figures for Germany came in a bit on the higher side, suggesting the risk for a surprise in the aggregate figure (released at 13:00 GMT) is tilted to the upside. Although Spanish CPI fell by the most since 2009 in August, it was marginally higher than feared."

"Flash CPI came at -0.5% y/y compared with expectations of -0.6%. German unemployment rates remained unchanged at 6.7% in August, as expected, but the unemployment count came in at +2K, against an expected -5K. Euro-zone consumer confidence was unchanged at -10, as expected."

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