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The US economy is expected to contract by 31.1% 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 0.1 percentage point,” the NY Fed explained in its press release. “Negative surprises from retail sales and industrial production data mostly offset positive surprises from a regional survey and international trade data.”

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.07% on the day at 100.33.