US: NY Fed's GDP Nowcast unchanged at 8.6% for Q1 after this week's data

The US economy is expected to grow by 8.6% in the first quarter of 2021 and 4% in the second quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

"News from the JOLTS, PPI, and CPI releases was small, leaving the nowcast for both quarters broadly unchanged," the NY Fed explained in its publication.

Market reaction

The US Dollar Index, which tracks the greenback's performance against a basket of six major currencies, showed no immediate reaction to this report and was last seen gaining 0.25% on the day at 91.65.