By CountingPips.com
The US dollar has been stronger in forex trading action today against most of the major currencies as US GDP numbers came in better than previously reported for the fourth quarter of 2010. The dollar has been gaining ground versus the euro, British pound sterling, Swiss franc, Japanese yen and the Canadian dollar while losing ground to the Australian dollar and New Zealand dollar, according to currency data in the afternoon trading session by Oanda.
The US stock markets, meanwhile, have also had a winning session today with the Dow gaining by over 45 points, the Nasdaq increasing around 10 points and the S&P 500 
up by just close to 5 points at time of writing.
In commodities trade, oil has traded just about unchanged at the $105.41 per barrel level while gold futures have lost $8.70 to level at the $1426.10 per ounce threshold.
US GDP revised higher
Leading the economic news of the day was the revision of the fourth quarter US GDP report that surpassed economic forecasts. The third or “real” estimate GDP report for the fourth quarter of 2010 showed that the US economy grew at a rate of 3.1 percent, according to the U.S. Commerce Department.
The GDP number came in above expectations as market forecasts were expecting the GDP to advance by 3.0 percent for the quarter and surpassed the second GDP estimate that showed the economy had grown by 2.8 percent.
Third quarter economic growth advanced by a real 2.6 percent following a 1.7 percent growth rate in the second quarter and a 3.7 percent gain in the first quarter.
Overall for the full 2010 calendar year, economic growth advanced by 2.9 percent following a decline for the calendar year in 2009 by 2.6 percent.
On an annual basis, from the fourth quarter of 2009 to the fourth quarter of 2010, economic growth increased by 2.8 percent.
