US: NY Fed's GDP Nowcast edges lower to 8.6% for Q1 after this week's data

The US economy is expected to grow by 8.6% in the first quarter of 2021 and 4% in the second quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

"News from this week’s data releases decreased the nowcast for 2021:Q1 by 0.1 percentage point and increased the nowcast for 2021:Q2 by 0.1 percentage point," the publication explained. "Negative surprises from international trade data accounted for most of the decrease in 2021:Q1, while positive surprises from ISM manufacturing survey data accounted for most of the increase in 2021:Q2."

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.4% on the day at 92.00.