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NY Fed’s GDP Nowcast stays unchanged at 1.6% for Q3

According to the  Federal Reserve Bank  of New York’s latest Nowcasting Report, the U.S. economy is expected to expand by 1.6% in the third quarter of the year, unchanged from last week.

“News from the JOLTS, ISM nonmanufacturing, and PPI releases were small, leaving the nowcast broadly unchanged,” the NY Fed said in its publication.

The US Dollar Index, which tracks the dollar’s value against a basket of six major currencies, largely ignored this reading and was last posting small daily losses at 97.50, looking to snap its three-week winning streak.

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