US: NY Fed's GDP Nowcast improves to 4.4% for Q2 after this week's data

The US economy is expected to grow by 4.3% and 5.4% in the second and third quarters of 2021, respectively, 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:Q2 by 0.2 percentage point and increased the nowcast for 2021:Q3 by 0.2 percentage point," the NY Fed explained in its publication. "Positive surprises from ADP employment and business inventories data accounted for most of the increase in both quarters."

Market reaction

This report was largely ignored by market participant and the US Dollar Index was last seen losing 0.4% on a daily basis at 90.13.