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The US economy is expected to contract by 30.5% 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 increased the nowcast for 2020:Q2 by 0.6 percentage point,” the NY Fed said in its publication. “Housing data were less negative than the model’s expectations, accounting for most of the nowcast increase.”

Market reaction

The US Dollar Index largely ignored this publication and was last seen gaining 0.4% on the day at 99.82.