July 20, 2022 - 11:56 AM 372 views
The US economy is projected to fall by 1.6 percent in the second quarter, down from the July 15 prediction of -1.5 percent, according to the Federal Reserve Bank of Atlanta's GDPNow model.
According to the Atlanta Fed's publication, "after this morning's home starts report from the US Census Bureau, the nowcast of second-quarter real residential investment growth declined from -8.8 percent to -10.1 percent."
The Market Reaction
After reading this news, the dollar remains weak. The US Dollar Index, which measures how the dollar fared versus a selection of six important currencies, was last spotted down 0.75 percent for the day at 106.60.
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