US: NY Fed's GDP Nowcast edges lower to 2.4% for Q4 after this week's data

The US economy is expected to grow by 2.4% and 5.6% in the fourth quarter and the first quarter of 2021, respectively, 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:Q4 by 0.1 percentage point and decreased the nowcast for 2021:Q1 by 0.3 percentage point," the NY Fed explained in its publication. "A negative surprise from retail sales data more than offset positive news from housing sector data in both quarters."

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.3% on a daily basis at 90.10.