Atlanta Fed's GDPNow unchanged at -0.3% for Q1

The real gross domestic product (GDP) in the United States is expected to contract by 0.3% in the first quarter of 2020, the Federal Reserve Bank of Atlanta said in its latest GDPNow report. 

"The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2020 is -0.3% on April 24, unchanged from April 16 after rounding," the Atlanta Fed said in its publication. "After this week's data releases from the US Census Bureau and the National Association of Realtors, the nowcast of first-quarter real gross private domestic investment growth increased from -0.9% to -0.8%."

Market reaction

The US Dollar Index largely ignored this data and was last seen down 0.2% on the day at 108.28.