The US economy is expected to grow 6.1% in the first quarter of 2021 and 0.7% in the second quarter, as showed on Friday the last Nowcasting Report from the Federal Reserve Bank of New York.
“The news from this week’s data release lowered the immediate forecast for 2021: Q1 by 0.2% and lowered the immediate forecast for 2021: Q2 by 0.5%,” the New York Fed explained in its release. “Negative surprises from personal consumption spending, manufacturers’ durable goods shipments and housing data drove the decline in both quarters.”
Market reaction
The US Dollar Index It largely ignored this report and was last seen posting small daily losses at 92.74.
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