President Trump's budget, scheduled for release today, will project that the economy continues to grow at 3 percent or higher rate over the next five year, defying the pessimistic forecasts by outside economists.
The forecasts will show GDP reaching 3.2 percent this year compared to last year and 3.1 percent in 2020, according to a copy of the projections obtained by CNBC.
The nonpartisan Congressional Budget Office forecasts a significant slowdown in growth rate to 1.9 percent next year, as the effect of fiscal stimulus is expected to wane.
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EUR/USD stays under bearish pressure and trades at a fresh multi-week low below 1.1050 on Thursday. The upbeat ISM Services PMI data for September boosts the US Dollar, while rising bets for an ECB rate cut in October undermine the Euro.
GBP/USD tests multi-week lows near 1.3100 after Bailey's dovish remarks
GBP/USD loses more than 1% and trades at around 1.3100, pressured by dovish comments from BoE Governor Andrew Bailey, who said that the central bank could become 'more activist' on rate cuts if inflation eases. On the other hand, the USD benefits from strong PMI data.
Gold struggles to gain traction, trades below $2,650
Gold oscillates in a tight range below $2,650 after bets fade that the Fed will continue slashing interest rates aggressively. Although XAU/USD finds support from increasing geopolitical risks, the broad USD strength doesn't allow the pair to stage a rebound.
Bitcoin stabilizes at crucial support after major crash
Bitcoin (BTC) trades slightly down on Thursday, after declining over 7% this week, and holds near a crucial support level; a sustained close below this threshold could signal further declines ahead.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
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