US: NY Fed's GDP Nowcast rises to 8.3% for Q1 after this week's data

The US economy is expected to grow by 8.3% in the first quarter of 2021, 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 2021:Q1 by 1.6%," the NY Fed said in its publication. "Positive surprises from advanced retail sales, building permits, industrial production, and capacity utilization data drove the increase."

Market reaction

This upbeat report failed to provide a boost to the greenback and the US Dollar Index was last seen losing 0.35% on a daily basis at 90.27.