US: NY Fed's GDP Nowcast rises to 6.8% for Q1 after this week's data

The US economy is expected to grow by 6.8% in the first quarter of 2021, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

"News from this week’s data releases increased the nowcast for 2021:Q1 by 0.3 percentage point," the NY said in its publication. "Positive surprises from ISM survey price, ADP employment, and exports data accounted for most of the increase."

Market reaction

This report failed to provide a boost to the greenback. As of writing, the US Dollar Index was down 0.45% on a daily basis at 91.12.