NY Fed's GDP Nowcast ticks up to 1.6% for third-quarter

According to the Federal Reserve Bank of New York's latest Nowcasting Report, the US economy is expected to expand by 1.6% in the third quarter of the year.

"The New York Fed Staff Nowcast stands at 1.6% for 2019:Q3 and 1.1% for 2019:Q4," the NY Fed said in its weekly publication. "News from JOLTS, retail sales, CPI, PPI, and exports and imports prices releases were small, leaving the nowcast broadly unchanged."

The market largely ignored this data and the US Dollar Index was last down 0.15% on the day at 98.21.