The US economy is expected to grow 6.3% in the first quarter of 2021 and 1.2% in the second quarter, the latter showed on Friday. Nowcasting Report from the Federal Reserve Bank of New York.
“The news of this week’s data release lowered the immediate forecast for 2021: Q1 by 2.3% and lowered the immediate forecast for 2021: Q2 by 2.8%,” the New York Fed explained in its release. “Negative surprises from advanced retail sales, intellectual property, capacity utilization and housing data drove the decline in both quarters.”
Market reaction
The US Dollar Index largely ignored this report and was last seen gaining 0.2% on the day at 92.05.
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