According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to grow at an annualized rate of 2.1% in the third quarter.

"The initial estimate of second-quarter real GDP growth released by the US Bureau of Economic Analysis on July 28 was -0.9%, 0.3 percentage points above the final GDPNow model nowcast released on July 27," Atlanta Fed further noted in its publication.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen posting small daily losses at 106.05.