According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to grow at an annualized rate of 1.8% in the second quarter, up slightly from 1.7% on the April 28 estimate.

"After this morning’s construction spending release from the US Census Bureau and the Manufacturing ISM Report On Business from the Institute for Supply Management, the nowcast of second-quarter real gross private domestic investment growth increased from 0.3% to 1.0%," Atlanta Fed explained in its publication.

Market reaction

The US Dollar Index preserves its bullish momentum in the American session and was last seen rising 0.5% on the day at 102.15.