A stronger US dollar against the Euro and negative growth in the UK money supply helped push the aggregate growth rate in the money supply for the U.S., the Euro Area and the UK below zero in October.
The growth rate, measured in US dollars and on a year on year basis, fell to a negative 0.36% in October, the first month with negative growth since August 2012. Compared to the 1.98% year on year growth rate in September, the growth rate shred 235 basis points during the month.
Furthermore, the growth rate tanked 653 basis points compared to the 6.16% growth rate from one year ago, the biggest drop since August 2012.