ECB officials led by President Mario Draghi will
leave monetary policy unchanged tomorrow, according to analysts in a Bloomberg
News survey. The Frankfurt-based central bank unveiled unprecedented
stimulus measures at its previous meeting on June 5, including negative deposit
rates that tend to weaken a currency. Markit Economics said its construction
index, based on a survey of purchasing managers, increased to 62.6 from 60
in May. That’s the highest since February and compares with the forecast for a
decline to 59.8. The index has been above the 50 level that indicates expansion
for more than a year. An index of housing activity increased to 66.6 in June
from 62.7 in May, Markit said. That’s the highest since the gauge rose to 67.3
in January, which was the strongest reading in more than a decade. Commercial
building grew the fastest in five months. The euro fell versus the dollar for a
second day as investors prepare for speeches from Federal Reserve Chair Janet
Yellen and European Central Bank President Mario Draghi. The 18-nation
currency fell after French Prime Minister Manuel Valls said in an
interview with Les Echos newspaper that the ECB needs to go further to weaken
euro. Policy makers meet in Frankfurt tomorrow.
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