The U.S. dollar traded mixed against other major currencies on Wednesday as investors pondered over the country's economic growth data for the third quarter of 2017.
U.S. economy expanded at an annual rate of 3.3 percent in the third quarter of the year, slightly higher than 3 percent previously estimated, the Department of Commerce reported on Wednesday.
The revised gross domestic product (GDP) data also showed that U.S. economy in the July to September period grew at the fastest pace in three years, despite disruptions caused by hurricanes Harvey and Irma along the Gulf Coast in late August and September.
"The economic expansion is increasingly broad based across sectors as well as across much of the global economy," Federal Reserve Chair Janet Yellen said Wednesday before the Joint Economic Committee of U.S. Congress.
Wednesday's report also confirmed the fact that U.S. economy had expanded above 3 percent in back-to-back quarters for the first time since 2014.
Meanwhile, according to the Fed's Beige Book released in the afternoon, U.S. economic activity continued to increase at a modest to moderate pace in October and mid-November across the 12 Fed Districts.
On other economic news, the Pending Home Sales Index rose 3.5 percent from a downwardly revised 105.6 in September to 109.3 in October, beating market estimates, according to the National Association of Realtors Wednesday.
Analysts thought that the strong economic growth is likely to bolster market expectations for another rate hike by the Fed in December.
The dollar index, which measures the greenback against six major peers, decreased 0.10 percent at 93.179 in late trading.
In late New York trading, the euro rose to 1.1862 dollars from 1.1839 dollars in the previous session, and the British pound climbed to 1.3422 dollars from 1.3376 U.S. dollars in the previous session. The Australian dollar lost to 0.7577 dollar from 0.7597 dollar.
The U.S. dollar bought 111.83 Japanese yen, higher than 111.55 yen of the previous session. The U.S. dollar fell to 0.9839 Swiss franc from 0.9844 Swiss franc, and it moved up to 1.2853 Canadian dollars from 1.2816 Canadian dollars. Enditem
U.S. economy expanded at an annual rate of 3.3 percent in the third quarter of the year, slightly higher than 3 percent previously estimated, the Department of Commerce reported on Wednesday.
The revised gross domestic product (GDP) data also showed that U.S. economy in the July to September period grew at the fastest pace in three years, despite disruptions caused by hurricanes Harvey and Irma along the Gulf Coast in late August and September.
"The economic expansion is increasingly broad based across sectors as well as across much of the global economy," Federal Reserve Chair Janet Yellen said Wednesday before the Joint Economic Committee of U.S. Congress.
Wednesday's report also confirmed the fact that U.S. economy had expanded above 3 percent in back-to-back quarters for the first time since 2014.
Meanwhile, according to the Fed's Beige Book released in the afternoon, U.S. economic activity continued to increase at a modest to moderate pace in October and mid-November across the 12 Fed Districts.
On other economic news, the Pending Home Sales Index rose 3.5 percent from a downwardly revised 105.6 in September to 109.3 in October, beating market estimates, according to the National Association of Realtors Wednesday.
Analysts thought that the strong economic growth is likely to bolster market expectations for another rate hike by the Fed in December.
The dollar index, which measures the greenback against six major peers, decreased 0.10 percent at 93.179 in late trading.
In late New York trading, the euro rose to 1.1862 dollars from 1.1839 dollars in the previous session, and the British pound climbed to 1.3422 dollars from 1.3376 U.S. dollars in the previous session. The Australian dollar lost to 0.7577 dollar from 0.7597 dollar.
The U.S. dollar bought 111.83 Japanese yen, higher than 111.55 yen of the previous session. The U.S. dollar fell to 0.9839 Swiss franc from 0.9844 Swiss franc, and it moved up to 1.2853 Canadian dollars from 1.2816 Canadian dollars. Enditem
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