U.S. dollar drops amid economic data

The U.S. dollar ended lower against most major currencies on Tuesday as investors were digesting the newly-released economic data from the country.

U.S. Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of 2016, missing market consensus of 2.1 percent, according to the second estimate released by the Commerce Department. In the third quarter, real GDP increased 3.5 percent.

Real GDP increased 1.6 percent in 2016, unchanged from the first estimate a month ago.

In a separate report, the department announced that the international trade deficit was 69.2 billion U.S. dollars in January, up from 64.4 billion dollars in December.

Meanwhile, the Conference Board Consumer Confidence Index came in at 114.8 in February, up from 111.6 in January.

Investors were also awaiting U.S. President Donald Trump's first speech to Congress scheduled Tuesday night. It is expected that Trump would unveil some elements of his plans to cut taxes.

The dollar index, which measures the greenback against six major peers, was down 0.10 percent to 101.030 in late trading.

In late New York trading, the euro rose to 1.0604 dollars from 1.0582 dollars in the previous session, and the British pound dropped to 1.2413 dollars from 1.2434 U.S. dollars in the previous session. The Australian dollar climbed to 0.7674 U.S. dollar from 0.7671 U.S. dollar.

The U.S. dollar bought 112.02 Japanese yen, lower than 112.83 yen of the previous session. The U.S. dollar declined to 1.0036 Swiss francs from 1.0098 Swiss francs, and it edged up to 1.3273 Canadian dollars from 1.3158 Canadian dollars. Enditem