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In a recently published report, the US Congressional Budget Office (CBO) said that the real GDP growth was expected to fall to 2.3% in 2019 from 2.5% in 2018 citing lower fixed business investments.

“Higher trade barriers including tariffs will make the US GDP0.3% smaller by 2020 that would have been otherwise,” the CBO added.

Regarding the budget deficit, the CBO forecasts the deficit to widen to $960 billion in 2019 fiscal year, $63 billion higher than the previous estimate announced back in May.

The market reaction to the CBO report was relatively muted and the US Dollar Index continues to move sideways near 98.15, where it closed the previous day.