Eurozone construction unexpectedly slumped over the last year, figures yesterday revealed. The markets had been expecting an increase, and the fall put further pressure on the single currency. Among individual countries, Germany and France saw output fall by 4.2% and Spain by 6.2%.
Observers also say that coronavirus is having an impact on the eurozone, especially for countries dependent on trade, like Germany, for whom China is the second biggest partner outside of the EU.
The ECB will release minutes from its January meeting today. If there are any hints that monetary stimulus is needed, the euro could weaken further. The markets will also be looking out for mention of the coronavirus and the disruption to global supply chains.
