NY Fed's GDP Nowcast jumps to 2.2% for third-quarter

Eren Sengezer FXStreet

According to the Federal Reserve Bank of New York's latest Nowcasting Report, the US economy is expected to expand by 2.2% in the third quarter of the year.

"The New York Fed Staff Nowcast stands at 2.2% for 2019:Q3 and 2.0% for 2019:Q4," the publication read.

"News from this week's data releases increased the nowcast for 2019:Q3 by 0.7 percentage point and increased the nowcast for 2019:Q4 by 0.9 percentage point. Positive surprises from industrial production, capacity utilization, and housing data drove the increase."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.