Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
In March American budget deficit tacks on by 18%
In March, the deficit of the American state budget accounted for up to $208.743 billion. The given outcome happens to be 18.4% more than the figure for the same month in 2017 or to be exact $ 176.233 billion. That’s what the country's Finance Ministry unveiled.
The budget revenues went down by 2.7% demonstrating an outcome of $210.832 billion, including income tax collections, which went down by 2%.
At the same time, expenses increased by 6.8% and reached $419.576 billion. In particular, it could be explained by an increase in interest payments on public debt by 11%, as well as increased costs in social programs as well as medical insurance.
For the six months of the 2018 fiscal year, which burst out on October 1 2017, the negative balance of the US budget increased by 13.8% to $599.708 billion compared to$ 526.857 billion for the same period in 2016.
The amount of budget revenues since the beginning of the current financial year increased by 1.6% hitting the value of $1.497 trillion, while expenses managed to grow by 4.8% to almost $ 2.097 trillion.
The White House predicts this increase in the budget deficit to about $804 billion.
The US budget deficit for the 2017 financial year, which ended on September 30, headed north by approximately 13.3% ending up with an outcome of $665.826 billion. Thus, it rose to up to 3.5% of GDP against 3.2% of GDP in the previous year.
The last time the budget surplus was fixed in the USA was 2001. In 2009, there was a maximum deficit in the country's history, which accounted for - $1.41 trillion, which is 9.8% of GDP.
The average size of the country's budget deficit for the last 50 years appears to be 2.8% of GDP.
Oil dropped to the lows unseen since late May. Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
Moderna rocketed after an announcement that it is going to join the S&P 500 index. The New Zealand dollar surged after the nation’s inflation surpassed the central bank’s target level.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
PMI reports from the EU, the UK, and the USA will be released during the day!