Atlanta Fed's GDPNow falls to 2.7% from 3.1% for first quarter of 2020

The real gross domestic product (GDP) in the United States is expected to expand by 2.7% in the first quarter of 2020, the Federal Reserve Bank of Atlanta said in its latest GDPNow report. The previous publication on March 25th pointed out to a 3.1% growth in the same period.

"After this morning’s and yesterday’s data releases from the U.S. Census Bureau and the Bureau of Economic Analysis, the nowcasts of first-quarter real gross private domestic investment growth and first-quarter real personal consumption expenditures growth decreased from 7.4% and 2.2%, respectively, to 4.5% and 1.6%, respectively, while the nowcast of the contribution of change in real net exports to first-quarter real GDP growth increased from 0.02% to 0.45%," the Atlanta Fed explained.

The bank further noted its model does not capture the impact of COVID-19 beyond its impact on GDP source data and relevant economic reports that have already been released.

USD selloff continues

Meanwhile, the greenback suffers heavy losses against its rivals into the London-fix. As of writing, the US Dollar Index was down 0.73% on the day at 98.73.