ECB to publish its May monthly money supply data today

The acceleration in growth, however, is partly the result of portfolio shifts and weakness in the euro (leading to higher net-external assets). More interesting will be the lending figures that come with this report. 

"The 3m monthly average of M3 growth already reached 4.7% YoY in April and is expected to have accelerated to 5.1% in May", says Rabobank.

In the past several months there has been a visible pickup in household lending whereas corporate lending has remained behind. A catch-up by corporate lending is likely to be seen by the ECB as a sign that its QE policy is working.