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Eurozone Construction Output Falls in March, EUR/USD at Support

Eurozone Construction Output Falls in March, EUR/USD at Support

David Maycotte,

Talking Points:

Eurozone Construction Output fell 0.6 percent in March as construction rose year-on-year 5.2 percent.

Both figures were revised higher in February with the month-on-month rate revised to 0.4 percent from 0.1 percent, and the headline year-on-year rate revised to 7.5 percent from 6.7 percent. The single piece of data is unlikely to support the Euro or exude a lasting market move. The Euro remains vulnerable to downside risk, particularly as speculation for ECB stimulus gathers pace amid worsening data.

Price stability is the primary objective for the ECB that the disappointing rate of output growth may encourage an expansion of stimulus efforts. Stubborn deflation has plagued policy officials that the ECB announced the possibility of intervention in June.

The EUR/USD rose following the data. A wedge bottom pattern marks support for EUR/USD.

Eurozone Construction Output Falls in March, EUR/USD at Support

EUR/USD 5-Minute Chart created using FXCMMarketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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