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The US economy is expected to contract by 25.9% and 12.5% in the second and third quarters of the year, respectively, 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:Q2 by 0.4 percentage point and decreased the nowcast for 2020:Q3 by 0.5 percentage point,” the NY Fed’s weekly publication read. “A surprise from job openings data accounted for most of the decline in both quarters.”

Market reaction

Investors largely ignored these figures and the US Dollar Index continues to cling to strong daily gains near 97.20.



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