US: NY Fed's GDP Nowcast declines to 6.7% for Q1 after this week's data

The US economy is expected to grow by 6.7% in the first 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:Q1 by 0.1 percentage point," the NY Fed explained in its publication. "Negative impacts from JOLTS and CPI data accounted for most of the decrease."

Market reaction

This report doesn't seem to be having a significant impact on the greenback's performance against its rivals. As of writing, the US Dollar Index was flat on the day at 90.41.