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.
Monday sees a quiet start to the week in terms of data releases. The only publications worth noting include the release of the EZ construction output at 1000BST and the US NAHB home builder confidence index at 1500BST.
EZ construction output dropped in April
Monthly construction output declined by 2.2% in April, following March's 4.1% increase. While building construction fell by 1.0%, civil engineering plummeted by 6.1%, the sharpest decline since April 2020. Annual construction output surged to 42.3 in April, reflecting base effects as business activity in the sector came to a halt in April at the beginning of the pandemic.
Survey evidence suggests modest expansion in the sector. The IHS construction PMI remained at May's level of 50.3 in June, signalling marginal growth of construction activity. The report noted that firms were concerned about raw material shortages and the increasing cost burden. However, companies remained optimistic regarding the outlook in the year ahead.
NAHB home builder confidence seen up
The NAHB home builder confidence indicator is expected to increase/decrease by 1pt to 82 in July after easing to 81 in the previous month. June's reading was the lowest in ten months as confidence was hampered by rising material prices and supply chain shortages. Nevertheless, the report noted that the reading above 80 still signalled strong demand in the housing market lacking inventory.
The events calendar remains quiet on Monday with no speeches scheduled for the day.
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.