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The US economy is expected to expand by 14% in the third quarter and 4.8% in the fourth quarter, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday. 

Key takeaways from the press release

“News from this week’s data releases decreased the nowcast for 2020:Q3 by 0.1 percentage point and decreased the nowcast for 2020:Q4 by 0.2 percentage point.”

“Negative surprises from ISM manufacturing survey and wholesale inventory data accounted for most of the decrease in 2020:Q3.”

“Negative surprises from ISM manufacturing survey and ADP employment data accounted for most of the decrease in 2020:Q4.”

Market reaction

US Dollar Index largely ignored this report and was last seen gaining 0.12% on the day at 93.84.