The US economy is expected to contract by 35.5% in the second quarter of the year, 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 5.0 percentage points,” the NY Fed explained. “Negative surprises from manufacturing and wholesalers’ inventories, and consumption data drove most of the decrease.” Market reaction This report had virtually no impact on market sentiment. As of writing, the Dow Jones Industrial Average and the S&P 500 were down 0.8% and 0.55% on the day while the Nasdaq Composite was flat at 9,420 points. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/GBP Price Analysis: Euro steadies above the 0.9000 figure vs. Pound FX Street 3 years The US economy is expected to contract by 35.5% in the second quarter of the year, 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 5.0 percentage points," the NY Fed explained. "Negative surprises from manufacturing and wholesalers’ inventories, and consumption data drove most of the decrease." Market reaction This report had virtually no impact on market sentiment. As of writing, the Dow Jones Industrial Average and the S&P 500 were down 0.8% and 0.55% on the day while the Nasdaq Composite was flat… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
