Investing.com - The U.S. economy grew more than initially estimated in the third quarter, supporting the case for a U.S. interest rate hike next month, official revised data showed on Tuesday.
In a report, the Commerce Department said gross domestic product grew at a seasonally adjusted annual rate of 2.1% in the three months ended September 30, in line with expectations. Preliminary data initially pegged U.S. growth at 1.5% in the third quarter. The U.S. economy grew 3.9% in the second quarter.
The data showed consumer spending rose 3.0% in the third quarter, below expectations for 3.2% and down from an initial estimate of 3.2%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose 1.3% in the third quarter, above forecasts for 1.2% and compared to a preliminary reading of 1.2%.
EUR/USD was trading at 1.0665 from around 1.0652 ahead of the release of the data, GBP/USD was at 1.5080 from 1.5072 earlier, while USD/JPY was at 122.40 from 122.50 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 99.60, compared to 99.68 ahead of the report.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures pointed to a loss of 129 points, or 0.73%, at the open, the S&P 500 futures indicated a decline of 15 points, or 0.74%, while the Nasdaq 100 futures decreased 38 points, or 0.8%.
Elsewhere, in the commodities market, gold futures traded at $1,079.00 a troy ounce, compared to $1,077.80 ahead of the data, while crude oil traded at $42.59 a barrel from $42.63 earlier.