NY Fed's GDP Nowcast edges higher to 15.6% for Q3 after this week's data releases

The US economy is expected to expand by 15.6% in the third quarter and 7.4% in the fourth quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. 

Key takeaways

"News from this week’s data releases increased the nowcast for 2020:Q3 by 0.3 percentage point and increased the nowcast for 2020:Q4 by 0.2 percentage point."

"Positive surprises from labor market and international trade data accounted for most of the increase in both quarters."

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.4% on a daily basis at 93.15.