EURUSD – Up
EURUSD trading plan:
Building permits for apartments in Germany fell 31.5% in July from a year earlier, the statistics office disclosed on Monday, highlighting a slump in demand plaguing the construction and real estate industry. The nosedive in permits comes amid calls from firms for stimulus from Berlin to support the industry ahead of a meeting next week with Chancellor Olaf Scholz. The statistics office attributed the decline in demand to high building costs and difficulties in getting financing, factors that have deepened stress across the broader sector. For years, low interest rates fuelled a global boom, igniting interest in German property, seen as safe and stable as the country. A sharp rise in rates put an end to the run, tipping a string of developers into insolvency as deals froze and prices fell.
Investment idea: sell 1.0700 and take profit 1.0645.
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