US: Atlanta Fed's GDPNow declines to 4.6% for Q1

The real gross domestic product (GDP) in the United States is expected to grow by 4.6%, down from 6% on February 1, in the first quarter of 2021, the Federal Reserve Bank of Atlanta's latest GDPNow report showed on Friday.

"The nowcasts of first-quarter real personal consumption expenditures and first-quarter real gross private domestic investment growth decreased from 2.2% and 22.2%, respectively, to 1.5% and 18.2%, respectively," the publication read. "While the nowcast of the contribution of the change in real net exports to first-quarter real GDP growth decreased from -0.61 percentage points to -0.74 percentage points."

Market reaction

The US Dollar Index remains depressed after this report and was last seen losing 0.46% on a daily basis at 91.11.