Global economic data has been quite a source of concern for policymakers on both sides of the Atlantic of late, with both the Fed and ECB opening the door to easing in part thanks to the weakness of global data. Ironically, recent Eurozone data has actually been less bad than recent history when measured by Citi’s Economic Surprise indices. Higher economic surprise index readings indicate data coming in stronger than forecast, while negative readings indicate misses. While both the US and global series have been near the bottom of the recent range, the Eurozone data surprise picture is more positive. While still just barely negative, the Eurozone index is at the best level since last summer. That stands in sharp contrast to the US and the global series, where data surprises are relatively low and trending lower. 

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