White House releases fact sheets for President Trump's FY27 budget request; budget seeks USD 1.5tln for defence, a nearly 40% increase from current spending, 10% cut in non-defence FY27 discretionary spending and USD 2.2tln for government agencies
The President's FY27 budget request suggests a significant shift in fiscal policy, with a marked increase in defense spending while proposing cuts to domestic programs.
[REPOST] Newsquawk Preview: US Nonfarm Payrolls due Friday 3rd April at 13:30BST/08:30EDT
Russia’s Novo-Ufimsk oil refinery (122k BPD capacity) has reportedly shut its primary distillation unit following Ukrainian drone attacks on Thursday, Reuters reports
White House releases fact sheets for President Trump's FY27 budget request; budget seeks USD 1.5tln for defence, a nearly 40% increase from current spending, 10% cut in non-defence FY27 discretionary spending and USD 2.2tln for government agencies
Chinese Vice Premier meets Canadian Finance Minister in Beijing, Xinhua reports; Canada has agreed to hold economic dialogue in H2 of this year
Further reports of explosions being heard in the UAE and Oman
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- More than USD 1.1tln of the defence funding through regular government funding.
- Seeking USD 73bln domestic programme cuts.
- Requests 85 F-35 jets (prev. 47) and 2 virginia-class submarines.
- Includes USD 4bln for FAA to build new air traffic control system.
- Requests USD 17.5bln for Golden Dome funding.
This budget could have implications for dollar strength, particularly against currencies like the EUR and JPY, as the focus on military spending may impact sentiment around U.S. fiscal health and growth forecasts. Traders should monitor how this aligns with broader economic indicators and market reactions during the sessions ahead.
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