US: NY Fed’s GDP Nowcast falls to 4.9% for Q2 after this week’s data

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The US economy is expected to grow by 4.9% in the second quarter of 2021, 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 2021:Q2 by 0.2 percentage point,” the NY Fed’s publication read. “Negative impacts from advanced retail sales, industrial production, and capacity utilization data accounted for most of the decrease.”

Market reaction

This report doesn’t seem to be having a significant impact on the greenback’s performance against its rivals. As of writing, the US Dollar Index is down 0.38% on the day at 90.37.

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