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The US economy is expected to expand by 14.3% in the third quarter and 5.3% in the fourth 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 2020:Q3 by 1.3 percentage points and decreased the nowcast for 2020:Q4 by 2 percentage points,” the NY Fed explained in its publication. “Negative surprises from industrial production, capacity utilization, retail sales, and housing starts data drove the decrease in both quarters.”

Market reaction

The US Dollar Index showed no reaction to this report and was last seen losing 0.1% on the day at 92.82.