FXStreet reports that economists at RBC Economics noted that they expect the initial estimate to show the US economy has expanded by 9.5% in the second quarter.

"As the economic reopening gets going, we expect US GDP to grow by 9.5% in Q2 driven by exceptionally strong consumer spending for the quarter. We look for US personal income to fall by 0.7% in June following a combined 14.8% drop in the prior two months as pandemic-related assistance continues to taper off. The Fed will likely maintain its policy rate at next week’s meeting. Markets will watch for any hints about plans to taper their asset purchases program."