Euro area construction output rises in November
Source: FxWire Pro - Commentary / 17 Jan 2018 16:46:26 Eastern Standard Time
Euro area construction data for the month of November saw a rise on a sequential basis, following a disappointing previous six months when output in the sector tended broadly sideways. Construction output rose 0.5 percent sequentially in November, the biggest rise since last February.
Construction output in Germany rose 1.5 percent, recovering after a calendar-distorted drop of 1.1 percent in October. However, the results from the other large member states were less impressive. France saw a drop of 0.6 percent sequentially, whereas Spain recorded a rise of just 0.3 percent. The average level in October and November was just 0.1 percent higher compared to the third quarter.
Therefore, despite the strongest confidence in the sector for a decade, output growth was 2.7 percent higher as compared to a year ago, comparatively decent reading but still one of the weaker in 2017, there might not be a significant positive contribution to the GDP growth until the current quarter, noted Daiwa Capital Markets Research.
At 21:00 GMT the FxWirePro's Hourly Strength Index of Euro was slightly bearish -65.0361, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at -15.6936. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
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