Investing.com - Growth of the U.S. economy in the first quarter was revised even higher expected, according to official data released on Friday.
The second estimate of first quarter (Q4) growth domestic product (GDP) showed growth of 1.2%, compared to an initial reading of 0.7%.
Analysts were looking for an upward revision to 0.9%.
Real consumer spending for the January to March period rose by 0.6%, compared to the initial 0.3% increase.
Economists had expected an upward revision to just 0.4%.
The GDP price index was left unchanged at an increase of 2.2%.
Analysts had forecast an upward revision to an increase of 2.3%
The core PCE price index was revised up to show a gain of 2.1%, from the previously reported 2.0% advance. Economists had expected no change.
Meanwhile, corporate profits slumped 2.5%, compared to the prior 2.3% gain.
After the report, which was released simultaneously with April durable goods orders, the dollar strengthened. EUR/USD was trading at 1.1181 from around 1.1195 ahead of the publication; GBP/USD was at 1.2817 from 1.2838 earlier; while USD/JPY was at 111.14 from 111.08 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 97.30 compared to 97.22 prior to the release.
Meanwhile, U.S. stock futures pointed to a slightly lower open. The Dow futures lost 17 points, or 0.08%, the S&P 500 futures fell 3 points, or 0.10%, while the Nasdaq 100 futures traded down 3 points, or 0.05%.
Elsewhere, in the commodities market, gold futures traded at $1,267.57 a troy ounce, compared to $1,266.15 ahead of the data, while crude oil traded at $48.76 a barrel from $48.54 earlier.