According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to grow at an annualized rate of 2.7% in the fourth quarter, down slightly from 2.8% in the previous estimate.

"After this morning’s housing starts report from the US Census Bureau, the nowcast of fourth-quarter real residential investment growth decreased from -21.2% to -21.5%," the Atlanta Fed explained in its publication.

Market reaction

This report doesn't seem to be having a significant impact on the US Dollar's performance against its major rivals. As of writing, the US Dollar Index was down 0.7% on the day at 103.95.