21, February 2013

EUR/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

The downturn in the construction sector in the euro zone accelerated December, that was the result of heavy snowfalls in the last month of the year.

In the 4th quarter the construction is also decreased that has contributed to the overall decline in GDP in the region during this period.

According to the EU statistics agency Eurostat, released on Tuesday, the production in the construction sector of eurozone in December fell by 1.7% in comparison to the previous month, after falling 0.4% in November.

Production in the construction sector fell by 4.8% in comparison to the same period of the previous year, setting the strongest annual decline since July.

According to Eurostat report which was released last week, the euro area GDP in the 4th quarter decreased by 0.6% in comparison to the 3rd quarter.

As positive statistics - German ZEW outlines the investor’s confidence. The data for the last two months, supports the view that the euro will continue to grow in Q1. Moreover, this tendence has not been broken yet.

The data on the secondary housing market will be released on Thursday. Economists predict that home sales fell in January by 1.0% to 4.89 million homes, which will be the second drop in a row.