NY Fed's GDP Nowcast drops to 1.4% for first quarter of 2020 from 1.7%

The US economy is expected to expand by 1.4% in the first quarter of 2020, the Federal Reserve Bank of New York's latest Nowcasting Report showed.

"News from this week’s data decreased the nowcast for 2020:Q1 by 0.3 percentage point," the NY Fed said in its publication. "Negative surprises from capacity utilization and industrial production data drove most of the decrease."

USD preserves strength

The US Dollar Index, which tracks the USD's performance against a basket of six major currencies, ignored this publication and was last seen posting small daily gains at 99.12. For the week, the index is up 0.43%.