One of the most striking developments as this year has progressed is the persistent strength of US economic data relative to that coming out of the rest of the world - in particular the major economies of the eurozone, China and Japan.
US President Donald Trump's tax reforms are proving supportive to both consumer activity and business sentiment. Meanwhile, concern about trade tensions and the outlook for emerging markets has driven liquidity back into the US, leading to the outperformance of the US dollar. News headlines on the convergence of Citi US and eurozone "economic surprise indices" - which are measures of actual performance of economic data compared to consensus forecasts - are currently attracting attention. As the US economic surprises dipped into negative territory, and the eurozone measure recovere...
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