M3 money supply for Switzerland is the broadest monetary aggregate, adding large time deposits, institutional money funds, and short-term repurchase agreements to M2.
Why FX traders watch it
M3 encompasses institutional liquidity and is closely tracked by the ECB as part of its 'two-pillar' monetary analysis. Large swings in M3 can signal major shifts in financial system liquidity and credit conditions.
How to interpret the data
Accelerating M3 growth signals an expansion of credit and liquidity, which can be inflationary if output growth fails to keep pace. Decelerating M3 indicates tightening financial conditions and a reduction in credit availability.
Historical Masse monétaire au sens large (M3) (CHF)