NY Fed's GDP Nowcast slumps to 1.6% for Q3 from 2.2%

According to the Federal Reserve Bank of New York's latest Nowcasting Report, the U.S. economy is expected to expand by 1.62% in the third quarter of the year, down from the 2.2% reported last week.

"News from this week's data releases decreased the nowcast for 2019:Q3 by 0.6 percentage point," the NY Fed said in its publication. "Negative surprises from ISM manufacturing data and lower than expected trade data drove most of the decrease."

Market participants largely ignored this data as they remain focused on the developments surrounding the US-China trade conflict. As of writing, the US Dollar Index was down 0.22% on the day at 98.18.