Investing.com - The U.S. economy grew less than expected in the second quarter, dampening optimism over the health of the economy, official preliminary data showed on Thursday.
In a report, the Commerce Department said gross domestic product grew at a seasonally adjusted annual rate of 2.3% in the three months ended June 30, missing expectations for growth of 2.6%.
The U.S. economy grew 0.6% in the preceding quarter, compared to a previously reported contraction of 0.2%.
The data showed personal consumption rose 2.9% in the second quarter, above expectations for a 2.7% gain, and compared to a 1.8% increase in the preceding quarter.
Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose 2.0% in the second quarter, compared to expectations for a 1.5% increase and up from a flat reading in the preceding quarter.
EUR/USD was trading at 1.0937 from around 1.0945 ahead of the release of the data, GBP/USD was at 1.5625 from 1.5622 earlier, while USD/JPY was at 124.47 from 124.44 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 97.63, compared to 97.55 ahead of the report.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures indicated a loss of 0.3% at the open, the S&P 500 futures pointed to a drop of 0.3%, while Nasdaq 100 futures declined 0.1%.
Elsewhere, in the commodities market, gold futures traded at $1,084.00 a troy ounce, compared to $1,084.80 ahead of the data, while crude oil traded at $48.95 a barrel from $48.91 earlier.