The U.S. economy is expected to grow 6.9% in the first quarter of 2021 and 4.6% in the second quarter, it showed on Friday. the latest Nowcasting Report from the Federal Reserve Bank of New York.
“The news from this week’s data release increased the immediate forecast for 2021: first quarter by 0.1 percentage points and increased the immediate forecast for 2021: second quarter by 0.2 percentage points,” the New York Fed noted in its release. “A positive surprise from the housing data drove the increase in both quarters.”
Market reaction
The US Dollar Index paid little to no attention to this report and was last seen losing 0.2% on the day at 91.10.
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