The year on year growth rate in the aggregate money supply for the U.S., Euro Area and the UK fell below zero for the second month in a row in November. Deflationary pressures therefore ensue.
The negative growth rate, measured in US dollar terms, was driven by a strengthening of the dollar and a negative money supply growth measured in British pounds for the UK.
Individual money supply series measured in US$
Individual money supply series measured in local currencies
