Atlanta Fed's GDPNow rises to 2.6% from 2.4% for first quarter of 2020

The real gross domestic product (GDP) in the United States is expected to expand by 2.6% in the first quarter of 2020, the Federal Reserve Bank of Atlanta said in its latest GDPNow report.

"After this morning’s Producer Price Index release from the US Bureau of Labor Statistics and new residential construction report from the US Census Bureau, the nowcast of first-quarter real gross private domestic investment growth increased from 5.1 percent to 6.4 percent," the Atlanta Fed explained.

DXY closes in on multi-year highs

The US Dollar Index (DXY) is inching higher in the American session and was last seen adding 0.2% on the day at 99.64. The index is staying within a touching distance of the multi-year tops that it set in October at 99.67.