Dollar bulls who have watched America's currency slide over muchof the past two months are taking comfort in readings from theFederal Reserve Bank of Atlanta's economic growth model.

The forecasting tool known as GDPNow is starting to show arecovery from the slowdown that derailed the greenback's rally atthe end of the first quarter. That's renewing optimism that the Fedwill have enough confidence to raise interest rates before the endof the year, which has underpinned the U.S. currency's 18 percentrally in the past 12 months.

Even though variations have been around since 2011, the indexgained widespread notoriety in April by basically predicting thefirst-quarter slowdown, making it one of the most accurateprojections for gross domestic product when compared withanalyst forecasts. The gauge is becoming more closely watched, withFed policy makers now saying they're making rate decisions on ameeting-by-meeting basis, based purely on the economic data infront of them.