US Treasury Secretary Mnuchin says 3% GDP possible on historic reforms

Omkar Godbole FXStreet Contributor

US Treasury Secretary Steve Mnuchin, in his testimony before the Senate Committee on Banking, Housing and Urban Affairs, will say that, “a goal of 3% GDP or higher is achievable if we make historic reforms to both taxes and regulations”.

Mnuchin is unlikely to reveal the details, or the time scale for the government’s agenda.

Economists believe the US will struggle to grow more than 2% due to lack of demographic dividend and weak productivity growth.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.