The US economy is expected to grow 3.7% and 4.4% in the second and third quarters of 2021, respectively, the latest report showed on Friday. Nowcasting from the Federal Reserve Bank of New York.
“The news of this week’s data release lowered the immediate forecast for 2021: second quarter by 0.5% and lowered the immediate forecast for 2021: third quarter by 0.9%,” the New York Fed explained in its release. “Negative surprises from advanced retail sales and building permit data explained most of the decline in both quarters, and Empire State Manufacturing survey data also contributed to the decline in 2021: Q3 2021.” .
Market reaction
This report does not appear to have a significant impact on the performance of the USD against its rivals. At time of writing, the US Dollar Index was up 0.5% on the day to 92.35.
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