US: NY Fed's GDP Nowcast edges lower to 14.1% for Q3 after this week's data releases

The US economy is expected to expand by 14.3% in the third quarter and 5% in the fourth quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

"News from this week’s data releases decreased the nowcast for 2020:Q3 by 0.2 percentage point and decreased the nowcast for 2020:Q4 by 0.3 percentage point," the NY Fed explained in its publication. "A negative surprise from manufacturers' shipments data accounted for most of the decrease in both quarters."

Market reaction

The US Dollar Index largely ignored this data and was last seen gaining 0.38% on the day at 94.70.