US: NY Fed's GDP Nowcast falls to 4.6% for Q2 after this week's data

The US economy is expected to grow by 4.6% 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 0.3 percentage point," the NY Fed explained in its publication. "A negative surprise from housing starts data drove the decrease."

Market reaction

This report doesn't seem to be having a noticeable impact on the greenback's performance against its rivals. As of writing, the US Dollar Index was up 0.23% on the day at 89.95.