Dukascopy Bank Team
Dukascopy Bank SA
EUR/USD: US Monthly Budget Statement
The EUR/USD exchange rate sustained an upward trend after the monthly report of the US budget balance was published. The Euro was little changed against the Greenback at the 1.1665 mark to remain under bullish sentiment, targeting the 1.1680 area on Tuesday morning.
The Treasury Department stated that the US Federal Government had a deficit of $63B over the course of October, where higher spending was attributed to disaster relief after a hurricane season. Steven Mnuchin, the US Treasury Secretary, projected that the tax-cut plan is likely to accelerate the US economic growth, which would raise revenue and narrow a fiscal gap. However, higher-than-anticipated deficit highlighted concerns that excess of spending over receipts could increase further.
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