NY Fed's GDP Nowcast jumps to 2% from 1.4% for first quarter of 2020
|The US economy is expected to expand by 2% in the first quarter of 2020, the Federal Reserve Bank of New York's latest Nowcasting Report showed.
"News from this week’s data increased the nowcast for 2020:Q1 by 0.6 percentage point," the publication read. "Positive surprises from regional survey and housing data drove most of the increase."
USD loses traction on Friday
After advancing to its highest level since April 2017 at 99.91 on Thursday, the US Dollar Index lost its traction on Friday and extended its slide after disappointing Markit PMI figures. As of writing, the index was down 0.57% on the day at 99.31.
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