According to the construction sector report released by Destatis, Germany’s federal statistical agency, the amount of construction permits in Germany increased by 8,4% up to 309 000 units over 12 months as of February 2016.
It happens so that low interest rates and higher demand for residential property have triggered a construction boom in Germany. The proof is in the fact that the latest construction figures have reach the highest level in 15 years! It’s common knowledge that a lot of Germans traditionally prefer to rend apartments instead of build or buying their own residential property.
At least, it used to be so over the last few years. For now, when interest rates are at record lows, mortgage lending got more affordable and let more Germans overcome the fear and lend money to star building their own homes, which is why Europe’s strongest economy is now seeing a true boom in the local construction industry. At the same time, more Germans are now seeing construction as a good investment opportunity. They say that the growth is going to continue in March as well. For now, Germany’s Construction PMI improved from 57,9 points all the way up to 59,6 points over the reporting period.
FOREX
In the meantime, Masterforex-V Academy reports the common European currency keeps on rallying within the scope of a mid-term / long-term uptrend against the U.S. Dollar, which means that EURUSD is going up. To be more specific, EURUSD is trading close to 1,1317 and is heading for the local high of 1,1375. A break above it will give way to the next major level of resistance - 1,1492. The closest levels of support are the bottom of the ascending MF sloping channel and MF pivot 1,0822. A break above them will put an end to the rally.
