The only real release of note from the eurozone yesterday was the construction output figures for July. Output had been expected to be 1.7%, but it actually increased by 2.6% from a year earlier in July 2018. Growth in the previous month was upwardly revised to 3%. On a monthly basis, construction output increased by 0.3%, which was below the 0.7% posted in June.
Euro movements were fairly quiet against the pound, but it did make some ground against the dollar throughout the morning. Still, movements were sedate as far as the single currency was concerned; it was sterling’s movements against the dollar that grabbed the headlines – both the strengthening and subsequent weakening.
Today is another relatively quiet day, although we will see the flash consumer confidence reading for September. It is expected to drop to -2 from -1.9 the previous month.
