US: NY Fed's GDP Nowcast edges lower to 2.76% for Q4 after this week's data

The US economy is expected to expand by 2.76% in the fourth quarter, 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 2020:Q4 by 0.1 percentage point," the publication read. "A negative surprise from manufacturer’s shipments data accounted for most of the decrease."

Market reaction

The US Dollar Index, which tracks the greenback's performance against a basket of six major currencies, largely ignored this report and was last seen losing 0.22% on a daily basis at 91.78.