According to Jin10 Data, Michael Leister, head of interest rate strategy at Commerzbank Research, said that the eurozone bond market continued to recover, shaking off the impact of better-than-expected U.S. economic data.

Markets have almost fully priced in a 25 basis point rate cut at the ECB’s meetings in September, December and next March.

Despite positive U.S. retail sales data, markets have priced in the possibility of a 65 basis point rate cut by the Federal Reserve before the end of the year.