The US economy is expected to contract by 15.3% in the second quarter before expanding by 10.1% 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 decreased the nowcast for 2020:Q2 by 0.2 percentage point and decreased the nowcast for 2020:Q3 by 0.3 percentage point," the NY Fed said in its weekly publication. "Surprises from the JOLTS and PPI data releases accounted for most of the decline."
Market reaction
The US Dollar Index paid little to no mind to this report and was last seen losing 0.27% on the day at 96.52.
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