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“Yesterday’s advance estimate from the Commerce Department of real GDP growth for 2019:Q4 was 2.1%. The latest New York Fed Staff Nowcast was 1.2%,” noted the Federal Reserve Bank of New York in its latest Nowcasting Report.

“The New York Fed Staff Nowcast stands at 1.5% for 2020:Q1,” the publication further read. “News from this week’s data decreased the nowcast for 2020:Q1 by 0.2 percentage point. Negative surprises from manufacturing data accounted for most of the decrease.”

USD weakens on Friday

The US Dollar Index largely ignored this report and the US Dollar Index was last seen erasing 0.45% on the day at 97.45.