US: NY Fed's GDP Nowcast falls to 5.1% for Q2 after this week's data

The US economy is expected to grow by 5.1% in the second quarter of 2021, 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 2021:Q2 by 0.2 percentage point," the NY Fed noted. "Negative impacts from ISM manufacturing survey and employment data accounted for most of the decrease."

Market reaction

The greenback remains on the back foot after this report and the US Dollar Index was last seen losing 0.73% on a daily basis at 90.23.