NY Fed's GDP Nowcast for Q2 2020 improves to -16.3%

The US economy is expected to contract by 16.3% in the second quarter before expanding by 1.5% in the third quarter, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday.

"News from this week’s data releases increased the nowcast for 2020:Q2 by 2.7 percentage points and increased the nowcast for 2020:Q3 by 3.4 percentage points," the NY Fed's weekly publication read. "Positive surprises from manufacturing and personal consumption data drove most of the increase."

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.25% on a daily basis at 97.62.

Jun 26, 2020

China says crossing red lines could put trade deal with US at risk – WSJ

According to the Wall Street Journal (WSJ), China quietly told the US that meddling in Hong Kong, Taiwan and other matters could jeopardize Chinese go

GBP/USD tumbles to four-week lows near 1.2300, pound under pressure

Cable is falling sharply affected mainly by a rally of the US dollar across the board, while at the same time, the pound is lagging behind majors. GBP