Wall Street stocks retreated while the dollar rallied Thursday following stronger than expected US economic data that could delay Federal Reserve interest rate cuts.

The US government revised its second-quarter economic growth rate upwards on Thursday to 3.8 percent from 3.3 percent, as consumers spent more than expected.

It marks the fastest quarterly growth rate in nearly two years.

“Is the US economy much stronger than believed?” queried InvestingLive currency analyst Adam Button, who added in a subsequent note that the US dollar could be poised to rally if there is a “big re-think” on the outlook for the US economy.

The greenback rose Thursday against the euro, British pound and Japanese yen.

But US equity indices retreated for a third straight day after posting a record on Monday

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