NY Fed's GDP Nowcast for Q3 declines to 14.6% after this week's data releases

The US economy is expected to expand by 14.6% in the third quarter of the year, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

Key takeaways

"News from this week’s data releases decreased the nowcast for 2020:Q3 by 0.2 percentage point."

"Negative surprises from the Empire State Manufacturing survey and housing starts data drove most of the decrease."

Market reaction

This report doesn't seem to be having a significant impact on the USD's performance against its rivals. As of writing, the US Dollar Index was up 0.62% on a daily basis at 93.32.