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Forex: EUR/USD jumps to 1.3199 high but EMU construction contracts

FXstreet.com (Barcelona) - The EUR/USD upside ahead of the publication of EMU construction output was capped at 1.3199 high. Earlier, the pair fell on the European opening to test support at the 20-day EMA, at 1.3160, printing a low at 1.3153. As of writing, the market trades at 1.3190.

EMU construction output contracted by -0.8% on the month of February, following a wider fall in February of -2.1% (revised from -1.4%). The annualized figure came in at 0.8%, much better than the prior month data at -9.0% (revised from -7.3%). In Switzerland, Expectations by the ZEW survey surprised with a strong rise from 2.3 to 20 in April, beating the consensus of 5.

Mataf.net analysts point to resistance at 1.3205, 1.3245 and 1.3310, while the downside is at 1.3165, 1.3110 and 1.3025.

Switzerland: ZEW Survey – Expectations jumps to 20 in April

The Swiss ZEW Survey – Expectations rose to 20 points in April, from 2.3 points in March, the the Centre for European Economic Research reported on Wednesday. Market experts projected much less increase to 5 points.
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EMU: Construction Output decreases 0.8% in February

The Eurozone Construction Output declined by 0.8% in February, following a 2.1% drop in January, according to the report released today by the Eurostat.
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