According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to expand by 0.3% in the second quarter, up from the June 16 forecast of 0%.

"After recent releases from the Federal Reserve Board of Governors, the National Association of Realtors, and the US Census Bureau, the nowcast of second-quarter real gross private domestic investment growth increased from -9.0% to -8.1%," Atlanta Fed's publication read.

Market reaction

The US Dollar Index continues to push lower after this report and was last seen losing 0.4% on the day at 103.70.