At first glance, a single European currency has a chance to improve its position a little more today, and this assumption is based on European statistics. The fact is that the growth rate of the construction industry is projected to accelerate from 0.8% to 2.0%, which is quite a significant growth. Moreover, if the forecasts are confirmed, the prospects for the growth of industrial production are becoming even more tangible. However, the number of issued building permits in the US data and also the construction projects that are being issued, which are somewhat similar to the European ones published. The forecast is multi-directional, since with the increase in the number of construction projects started from 1,287,000 to 1,310,000. The number of issued building permits is expected to decrease from 1,352,000 to 1,350,000. But in general, the total balance increased by 21,000. Moreover, there is a significant increase in the construction projects that have just begun, and this includes the purchase of construction materials, transportation costs, and work for those who build houses directly. But the issued permits for construction do not necessarily immediately turn into a construction site.
The EUR / USD currency pair dared to form a pullback after the rally last week. But the joy of the bulls was not great, we already met resistance at the level of 1.1650. Probably, we can assume for a temporary fluctuation within the range of 1.1650 with immediate convergence.
