The Eurozone’s construction sector saw a volume drop in September. This is what the latest report by Eurostat says. At the same time, the EU construction sector is showing some growth. When adjusted for seasonality, the construction decline in the Eurozone was equal to 0.4% over the reporting period relative to the preceding one.
It should also be noted that September’s decline almost reduced to zero August’s increase by 0.5%. When it comes to the y/y figures, September showed a 1.8% increase in the Eurozone’s construction volume. This time, September is different from August. Only this time, September covered the 1.4% decrease seen a month before. September was the first month of y/y growth in the construction sector seen over the last 4 months.
All in all, the 28 EU nations combined saw a 0.6% increase over the last 12 months in September. The expansion followed zero growth a month before. As for the EU, the biggest contributors were Hungary, Slovakia, the Netherlands. At the same time, Portugal , Slovenia and Sweden happened to be the deterrents.
FOREX
Meanwhile, Masterforex-V Academy reports that the common European currency is trying to recover from the long-term downtrend against the U.S. Dollar even though the bias is still bearish. Specifically, EURUSD is developing a bullish move – wave A/B of level H3. There is a junior move inside of it – wave a(C )/C.
The closest key level of resistance can be found at 1.0741/56, 1.0779, 1.0818/23 and 1.0757.
Alternatively, on breaking below the bottom of the ascending MF sloping channel and MF pivot 1.0668, we will see EURUSD terminating the current bullish move.
