Latest data released by Eurostat - 20 August 2019
- Prior -0.3%; revised to -0.5%
- Construction output +1.0% y/y
- Prior +2.0%; revised to +1.7%
Construction activity remains subdued amid weaker factory conditions and the trend in the annual reading certainly isn't encouraging whatsoever. The bright side is that this pertains to Q2 data but I would expect similar sentiment to carry forward towards the end of the year.
EUR/USD holds steady still at 1.1079, trapped in a 18 pips range. The key risk event for the euro is on Thursday via the August preliminary PMI readings.
