Market is supposed to see an increase in money growth and, interestingly, the sharpest decline occurred in the narrow money supply M1, which provided ample liquidity provision ECB would expect to maintain this stability parameter. While the euro continues to receive support from a growing interest in the growth differential in interest rates, there are concerns about hawkish position taken by the ECB. While Germany can not tolerate the lack of liquidity at the moment, in relation to other matters is due to their ability to tighten monetary conditions, especially in those countries where fiscal consolidation is faster and those with a weaker banking sector. Euro still feels good in Europe, but the momentum may be weakened in whether or not the politicians insist on tighter financial conditions, when the economy weakens.
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