The US economy is expected to contract by 14.3% in the second quarter before expanding by 13.3% in the third quarter, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday.
“News from this week’s data releases left the nowcast for 2020:Q2 largely unchanged and increased the nowcast for 2020:Q3 by 0.1 percentage point,” the NY Fed said in its weekly publication. “A postive surprise from New Home Sales data accounted for most of the increase for 2020:Q3.”
Market reaction
The US Dollar Index ignored this report and was last seen losing 0.35% on a daily basis at 94.45.
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