NY Fed's GDP Nowcast for Q2 2020 edges higher to 0.3%

The US' economy is expected to expand by 1.7% in the first quarter of 2020, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday. The forecast for the second quarter edged higher to 0.3%.

"News from this week’s releases, covering data for February and 2019:Q4, increased the nowcast for 2020:Q1 by 0.2 percentage point and increased the nowcast for 2020:Q2 by 0.2 percentage point," the NY Fed noted in its publication. "Positive surprises from February’s manufacturing data accounted for most of the increase."

Market reaction

Market participants largely ignored these figures. As of writing, the US Dollar Index was down 0.6% on the day at 98.85.