Stronger-than-expected economic growth smooths the path for the U.S. Federal Reserve to signal a December interest rate hike when it meets next week. Third quarter GDP growth of 2.9 percent was better than the 2.5 percent that was expected by economists, and it also marked the best pace of growth in two years. With Friday's report, the economy closes in on the 3 percent level some economists had expected to see for the second half of the year.
The figure came despite consumer spending that slowed to a 2.1-percent growth rate after the second quarter's very strong 4.3 percent pace. The GDP report was helped by inventories — produced goods that are ready for sale — that contributed to the growth rate, after acting as a drag for the past five quarters.
Euro is currently being traded around 1.0970 level, Sterling is at 1.2180 area, while Aussie is below 0.76 handle.
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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