Investing.com - Growth of the U.S. economy in the second quarter (Q2) was revised up more than expected on Thursday, boosting optimism over the health the of the U.S. economy, according to official data.
The third estimate of second quarter growth domestic product (GDP) showed growth of 3.1%, revised up from the previous reading of a 3.0% expansion.
That compared to 1.4% growth in the first three months of the year.
Analysts had expected growth to remain unchanged from the prior revision.
On the inflation front, personal consumption expenditure (PCE) prices also went unchanged as forecast at an increase of 0.3%.
Core PCE prices held steady at a 0.9% rise, in line with consensus.
The GDP price index was also not revised, showing a 1.0% advance that was in line with expectations.
However, corporate profits were revised lower to just a 0.1% rise in the second quarter, compared to an initial reading of a 0.8% gain and a forecast for a 0.9% increase.
Market participants are looking ahead to the publication of the advanced estimate of third quarter GDP to be released on November 29.
With the data for the July to September period expected to feel the impact of the hurricane season, the latest forecast from the New York Fed predicts a 1.6% expansion, while the Atlanta Fed projects growth of 2.1%.
After the report, which was released simultaneously with weekly jobless claims, EUR/USD was trading at 1.1778 from around 1.1780 ahead of the publication; GBP/USD was at 1.3428 from 1.3437 earlier; while USD/JPY was at 112.57 from 112.55 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 93.08, compared to 93.07 ahead of the report.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures fell 41 points, or 0.18%, the S&P 500 futures lost 4 points, or 0.17%, while the Nasdaq 100 futures traded down 19 points, or 0.31%.
Elsewhere, in the commodities market, gold futures traded at $1,287.24 a troy ounce, compared to $1,288.26 ahead of the data, while crude oil traded at $52.56 a barrel from $52.45 earlier.