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Eurozone data meeting expectations, US and Canada exceeding
Any lingering hopes for early interest rate cuts took a knock last week as the global Relative Performance Index (RPI) rose to 16, indicating a clear, albeit still limited, upside bias to surprises in the economic data. In the Eurozone, a limited supply of fresh data left the RPI at minus 1 and, when excluding prices (RPI-P), at minus 7; both are close to zero to indicate that economic activity in general is performing much as forecasters expected. Coming just ahead of the European Central Bank’s policy announcement on Thursday, current levels should boost speculation that key interest rates will be left on hold. ... (full story)