The dollar edged higher against the majors in the Tuesday session, advancing to its highest level since September versus the euro at 1.4216 and a two-month high against the British pound at 1.5920. A barrage of economic reports were released from the US including Q3 GDP, October home prices, November existing home sales, and the December Richmond Fed survey.
Economic growth in the US slowed in the third quarter with GDP downwardly revised to 2.2% from the previous reading of 2.8%. The Q3 GDP deflator was lower at 0.4% from 0.5% previously and PCE prices slipped to 2.6% from 2.7%. Third quarter corporate profits were also downwardly revised to 12.7% compared with 13.4% previously. The key highlight in the data was a strong surge in November existing home sales, which spiked up to 7.4% -- far outpacing estimates for a decline to 2.9% and improving to 6.54 million units. The October home price index improved to 0.6% on a monthly basis and declined by 1.9% on an annualized basis. Meanwhile, the Richmond Fed composite index deteriorated to -4 in December versus a 1.0 reading in the previous month while the services index worsened to -9 from -7.
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