Latest data released by Eurostat - 17 July 2019
- Prior -0.8%; revised to -1.7%
- Construction output +2.0% y/y
- Prior +3.9%; revised to +3.1%
Construction activity declined for a third straight month and the negative revision to the April reading makes this report look even softer. Both building and civil engineering contributed to the decline in the past two months but the bright spot is that relative to a year ago, conditions are still seen improving slightly.
That said, the fall in activity in April and May will add to worries surrounding euro area growth in Q2. EUR/USD holds steady still on the day at 1.1212, near unchanged levels.
