US: NY Fed’s GDP Nowcast stays unchanged at 3.2% for Q2 after this week’s data

The US economy is expected to grow by 3.2% and 4.2% in the second and the third quarter of 2021, respectively, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday.

“News from this week’s data releases left the nowcast for 2021:Q2 largely unchanged, and increased the nowcast for 2021:Q3 by 0.4 percentage point,” the NY Fed explained in its publication. “A positive surprise from Empire State Manufacturing survey data accounted for most of the increase in 2021:Q3.”

Market reaction

This report doesn’t seem to be having a noticeable impact on the USD’s performance against its rivals. As of writing, the US Dollar Index was up 0.14% on the day at 92.68.

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