Top economic advisers in Germany lowered the Eurozone's economic powerhouse growth and inflation forecasts citing "weaker external environment" with growth and inflation staying subdued into next year. Growth forecasts were cut to 1.50% from the previous estimates of 1.60% for 2016 while growth is expected to rise to 1.60% in 2016. German inflation forecasts were cut to 0.30% this year from the previous estimates of 1.20% due to lower energy and fuel prices, while for 2017, inflation is expected to rise 1.40%. Consumption led growth is expected to propel the country's economy according to the advisers, supported by a robust labor market and the ECB's accommodative monetary policy. EURUSD remained subdued led by a broad strength in the US Dollar.