Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The week starts with a muted data schedule. The only events on the European calendar Monday are the EZ current account at 0900BST and the EZ construction output at 1000BST. There are no data events scheduled in the North Americas.
EZ construction output rose in January
The construction sector in the eurozone expanded slightly in January following a decline in December. The monthly indicator rose by 0.8%, while annual construction output fell by 1.9%. January's rebound was broad-based with both building and civil engineering recording a rebound.
State-level data suggests a decline in February with French construction output dropping 6.0% on a monthly basis, while the German construction contracted by 1.3% after a sharp drop in January. While February's construction PMI registered in contraction territory, the index shifted back to growth in March, although only signalling marginal expansion which was led by house building activity.
EZ current account surplus narrowed in January
The current account surplus contracted at the beginning of 2020, before it expanded gradually to reach EUR 37bn in December 2020. January saw a decline to EUR 30.0bn. While both goods and services recorded a surplus in January, secondary and primary income saw a deficit. On an annual basis, the current account surplus expanded by EUR 1bn in January 2021 to EUR 263bn, compared to January 2020.
The events calendar remains quiet with no speeches scheduled for Monday.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.