US: Atlanta Fed GDPNow for Q1 rises to 2.1%

Eren Sengezer FXStreet

According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to grow at an annualized rate of 2.1% in the first quarter, up from 0.7% in the previous estimate.

"After releases from the US Census Bureau, the Institute for Supply Management, the US Bureau of Labor Statistics, and the US Bureau of Economic Analysis, the nowcasts of first-quarter gross personal consumption expenditures growth, and first-quarter gross private domestic investment growth increased from 1.9% and -9.3%, respectively, to 3.0% and -6.2%, respectively," Atlanta Fed explained in its publication.

Market reaction

This report doesn't seem to be having a noticeable impact on the US Dollar's performance against its rivals. As of writing, the US Dollar Index was posting small daily gains at 103.67.

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.

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