European and Canadian central banks expected to cut interest rates this week

Markets indicate a 93% chance that the European Central Bank will cut its rates. Photograph: Xinhua/Shutterstock

Borrowers in the eurozone and in Canada are expected to get some relief from high interest rates this week.

After recent drops in inflation, the European Central Bank (ECB) and the Bank of Canada (BoC) are forecast to lower their benchmark rates in the coming days.