NY Fed's GDP Nowcast drops to 1.5% for third-quarter from 1.8%

According to the Federal Reserve Bank of New York's latest Nowcasting Report, the US economy is expected to expand by 1.5% in the third quarter of the year.

"News from this week's data releases decreased the nowcast for 2019:Q3 by 0.3 percentage point and decreased the nowcast for 2019:Q4 by 0.5 percentage point," the NY Fed said in its publication.

"Negative surprises from the ISM manufacturing survey drove the decrease."

As markets are waiting for FOMC chairman Powell to deliver his remarks on the policy outlook and the current state of the economy, the US Dollar Index pays no attention to this publication and stays in the negative territory below 98.30.