Euro Area
Euro Area
Real Gross Domestic Product
Euro Area Gross Domestic Product, chained 2010 prices, 12-month % change, SA, updates quarterly
Real Gross Domestic Product measures the change in the inflation-adjusted value of all goods and services produced in the economy. It comprises private consumption and investment, inventory buildup, government spending and net exports. Markets watch this indicator to gauge the strength and composition of growth.
Euro Area
Unemployment Rate
Euro Area Unemployment Rate, All Persons, %, SA, Updates Monthly
The Unemployment Rate measures the percentage of the labor force currently not working but actively seeking employment. Markets monitor the unemployment rate to assess the cyclical health of the economy and the likelihood that wage demands may increase inflationary pressures.
Euro Area
Consumer Price Index
Harmonised Index of Consumer Prices, All Items, Core (All Items excluding energy, food, alcohol and tobacco), annual change, %, SA, updates monthly
The Harmonised Index of Consumer Prices is a measure of the change over time in the average prices paid by consumers for a market basket of consumer goods and services. It is calculated using the same methodology across members of the European Union. As the most widely used measure of inflation, changes in the index are closely followed by policymakers, financial markets, businesses, and consumers. Eurostat reports both an ‘All Items’ number that includes all categories in the calculation basket, and a ‘Core’ number that strips out highly volatile energy, food, alcohol, and tobacco prices.
Euro Area
Trade Balance
Goods trade balance, billions EUR, seasonally and working day adjusted, updates monthly
Measures the difference in value between imported and exported goods over the reported period. A positive number indicates that more goods were exported than imported – generating a trade surplus – and a negative number indicates a deficit. Trade imbalances may reflect fleeting differences in growth rates or more permanent factors in the composition of growth or the endowment and price of natural resources.
Euro Area
Key Policy Rates
Main Refinancing Operations, Marginal Lending Facility, Deposit Facility Rates, %, updates daily
The European Central Bank targets three rates to influence monetary variables in the economy: the Main Refinancing Operations rate which helps determine the cost of liquidity in the banking system, the Deposit Facility rate, at which banks make overnight deposits within the Eurosystem, and the Marginal Lending Facility rate, which determines the cost of overnight credit to banks in the Eurosystem. The Bank reviews its policy rates every six weeks.
Euro Area
Money Supply Growth
M3 Money Supply, adjusted loans to households, adjusted loans to non-financial corporations, 12-month % change, NSA, updates monthly
M3 Money Supply is a measure of currency that includes cash, checking deposits, non-cash assets that can easily be converted into cash, repurchase agreements, money market fund shares, and debt securities with a maturity of up to two years. The annual growth rate of adjusted loans to the private sector helps quantify spending and investment levels, providing insight into the health of the underlying economy. These data series are used to assess monetary developments and the effects of monetary policy, as well as to monitor financial stability.
Euro Area
Central Bank Assets
European Central Bank total assets, billions EUR, updates weekly
The European Central Bank balance sheet is a consolidated financial statement that shows the assets and liabilities of the Eurosystem national central banks and the European Central Bank itself. The system’s assets consist primarily of government bonds issued by Euro Area member states, corporate debt, and securitized mortgage debt. Its liabilities are mostly currency in circulation, commercial bank reserves, and collateralized reverse repurchase agreements. The balance sheet is used to influence interest rates – when officials want to stimulate the economy, it expands, and when they wish to tighten financial conditions, it shrinks.
Euro Area
Debt Ratios
Credit to general government, non-financial corporate, and household sectors, % of gross domestic product at market value, updates quarterly
Aggregate debt ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.
Euro Area
Net International Investment Position
Net International Investment Position, billions USD, updates quarterly
The net international investment position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.
Euro Area
Currency Reserves
Official reserve assets, foreign currency reserves (in convertible foreign currencies), billions USD, updates monthly
Currency reserves are external holdings that are freely usable for settlement of international transactions, and are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in currency markets to affect exchange rates, and for other related purposes. Developed markets with widely used, freely tradeable international currencies typically provide reserve assets rather than engaging in reserve accumulation.
Latest Analysis
Latest Analysis
Volatility subsides as event risks fade
19 December, 2025
‘Tis the calm before year-end, when all through the street,Not a currency is stirring—even the yen is tucked in its seat.Dollar short positions are hung by low vols with care,In hopes that Fed easing soon...
Surprise deceleration in inflation pressures dollar
18 December, 2025
Underlying consumer price growth slowed dramatically in the US last month, helping support expectations for a more aggressive easing campaign from the Federal Reserve in the new year. According to data...
Dollar advances in line with firming yields
17 December, 2025
The dollar is edging higher against most major peers as yields firm in the wake of yesterday’s heavy US data slate. Ten-year Treasury rates have nudged up, equity futures are coming under mild pressure...
US labour market signals
16 December, 2025
• Mixed signals. US data crosscurrents resulted in modest net market moves overnight. US equities consolidated. Oil prices fell. AUD lost a bit of ground.• US data. Core retail sales stronger, but PMIs...
Mixed payrolls report knocks dollar lower
16 December, 2025
US labour markets continued to cool in October and November, slightly raising market bets on a stepped-up easing campaign from the Federal Reserve next year. According to delayed data just released by...
Price action slows as traders brace for dangerous week
15 December, 2025
Currency markets are trading cautiously as participants prepare to close the books on 2025, with many cutting exposure ahead of a week laden with economic data and central bank event risks. The dollar...
Data flow picks up this week
14 December, 2025
• Equity wobbles. Fresh valuation concerns weighed on US equities on Friday. AUD & NZD lost a bit of ground, but still rose over the past week.• Event Radar. NZ GDP is out (Thurs). US jobs data, retail...
Dollar holds post-Fed losses
11 December, 2025
The dollar is back on the defensive this morning as markets absorb yesterday’s unexpectedly-neutral Federal Reserve rate cut as well as a stumble in the overheated US tech complex ahead of next week’s...
Hold the line
10 December, 2025
• US Fed. Another US rate cut announced. But guidance wasn’t as ‘hawkish’ as feared. Positive for sentiment. USD weaker. AUD close to year-to-date peak.• AU jobs. Australian employment...
Federal Reserve cuts rates, telegraphs January pause
10 December, 2025
The Federal Reserve cut rates for a third consecutive time this afternoon, and opened the door to a January pause amid growing uncertainty on the economy’s underlying trajectory.
In the widely-expected...