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The US economy is expected to expand by 2.1% in the first quarter of 2020, the Federal Reserve Bank of New York’s latest Nowcasting Report showed.

“News from this week’s data increased the nowcast for 2020:Q1 by 0.1 percentage point,” the publication read. “Positive surprises from manufacturing and housing data accounted for most of the increase.”

USD selloff

Rising probability of a Federal Reserve rate cut and plummeting US Treasury bond yields this week caused the USD to weaken against its rivals. Although it was able to stage a rebound from the three-week low that it set at 98.02 earlier in the day, the US Dollar Index remains on track to close the week 1% lower around 98.30.