US: NY Fed's GDP Nowcast rises to 6.8% for Q1 after this week's data

The US economy is expected to grow by 6.8% in the first quarter of 2021 and 4.4% in the second 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 2021:Q1 by 0.8 percentage point and increased the nowcast for 2021:Q2 by 2.9 percentage points," the NY Fed explained in its publication. "A large positive surprise from retail sales data drove the increase in both quarters, with positive news from industrial production, capacity utilization, and housing starts also contributing."

Market reaction

The US Dollar Index largely ignored this report and was last seen losing 0.12% on the day at 91.55.