The US economy expanded at an annualized rate of 2.6% in the third quarter, the US Bureau of Economic Analysis' (BEA) first estimate showed on Thursday. 

This reading followed the 0.6% contraction recorded in the second quarter and came in slightly better than the market expectation for a growth of 2.4%.

"The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending, that were partly offset by decreases in residential fixed investment and private inventory investment," the BEA explained in its publication. "Imports, which are a subtraction in the calculation of GDP, decreased."

Follow our live coverage of the market reaction to the ECB'press conference and US GDP data.

Market reaction

The US Dollar Index extended its daily rally on the upbeat data and was last seen rising 0.55% on the day at 110.30.