BTMU FX Strategy Research comments on the release yesterday in Washington of President Trump’s more detailed budget plan for the fiscal year beginning in October.
“The details on that only serve to further diminish the prospect of an improvement in the working relationship between the White House and Congress. Titled “The New Foundation for American Greatness” the budget proposes USD 3.6trn of cuts that coupled with steady real GDP growth of 3.0% gets the budget books balanced by the end of the decade,” BTMU notes.
“This budget plan only reinforces our view that the prospect of any meaningful tax cutting plan being agreed this year remains very slim indeed. That will continue to curtail upside risks for the dollar through the remainder of the year,” BTMU argues.
Source: BTMU Research
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