There was actually no activity on the market yesterday, which is only partly due to the holiday in the United States. As for the Eurozone, no significant macroeconomic data was published. The business activity index in the construction sector, which declined from 49.8 points to 49.5 points, can hardly be attributed to those factors that can somehow affect the market. It is worth noting that a decline is not expected, but a rise to 50.6 points. This does not change the essence in any way.
Construction PMI (Europe):
Almost the same thing happened with a similar indicator in the UK. The index of business activity in the construction sector, which fell from 58.7.8 points to 55.2 points, is difficult to attribute to those factors that can somehow affect the market even if they were waiting for a decline to 56.5 points.
Construction PMI (UK):
Similarly, the market was not affected by Halifax's data on real estate prices. The growth rate of which slowed down from 7.6% to 7.1%, which is slightly worse than the forecast, since they expected a slowdown to only 7.3%. Nevertheless, price data from not the largest agency is unable to influence anything despite the importance of the real estate market for the British economy.
Halifax House Price Index (UK):
Today's macroeconomic data will also not be able to affect the market. And although the GDP data are extremely significant, we are talking about the third estimate of the euro area's GDP for the second quarter, which should confirm the previous two. It showed a change in the decline of 1.3%, with an increase of 13.6%. However, investors will not see anything new. The market has already put this fact in the quotes for a long time. In other words, the sluggish stagnation that emerged yesterday will continue on the market.
GDP change (Europe):
The EUR/USD pair ended its correction in the resistance area of 1.1880/1905, where there was a reduction in the volume of long positions and, as a result, the price rebounded. It can be assumed that this resistance will continue to put pressure on buyers, which may lead to the quotes' reversal.
The GBP/USD pair as a resistance opens the level of 1.3880, relative to which a change in trading interests has occurred. The price being kept below the level of 1.3815 may lead to a subsequent decline towards the range of 1.3800-1.3755.
