NY Fed's GDP Nowcast rises to 0.7% for fourth quarter from 0.4%

According to the Federal Reserve Bank of New York's latest Nowcasting Report published on Friday, the United States' (US) economy is expected to expand by 0.7% in the last quarter of the year, compared to the previous week's estimate of 0.4%.

"News from this week's data releases increased the nowcast for 2019:Q4 by 0.3 percentage point," the NY Fed said in its press release. "Positive surprises from housing data drove most of the increase."

Markets largely ignored this publication and the US Dollar Index was last up 0.28% on a daily basis at 98.23.