NY Fed's GDP Nowcast for Q2 2020 rises to -14.3%

The US economy is expected to contract by 14.3% in the second quarter before expanding by 13.2% in the third quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

"News from this week’s data releases increased the nowcast for 2020:Q2 by 1.0 percentage point and increased the nowcast for 2020:Q3 by 3.1 percentage points," the NY Fed said in its weekly publication. "Positive surprises from industrial production, capacity utilization, and retail sales data drove most of the increase."

Market reaction

The US Dollar Index largely ignored this report and was last seen losing 0.26% on the day at 96.05.