US: NY Fed's GDP Nowcast drops to 6.0% for Q1 after this week's data

The US economy is expected to grow by 6% in the first quarter of 2021 and 1.5% in the second 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 2021:Q1 by 0.2 percentage point and decreased the nowcast for 2021:Q2 by 0.1 percentage point," the NY Fed explained in its publication. "A negative surprise from international trade data accounted for most of the decrease in both quarters."

Market reaction

This report was largely ignored by market participants and the US Dollar Index was last seen gaining 0.2% on a daily basis at 92.25.