The monthly EMU construction output figure dropped by -1.4% in September (+0.7% previously) and the annualized contraction was narrowed from -5.5% to -2.6%. In Italy, seasonally adjusted industrial sales fell -4.2% (MoM) in September to an annualized drop to -5.4%. Seasonally adjusted industrial orders in Italy fell -4.0% (MoM), extending the annualized decline to -12.8%. In Spain, bank bad loans were 10.7% in September, up from 10.5% in the prior month.
“Overall bullish tone remains intact, as upside rejection at 0.9500 and subsequent pullback found ground at important 0.9400 support, where 200 day MA contained dips”, wrote Windsor Brokers analyst Slobodan Drvenica.