After recovering from a weak start, the dollar is gaining ground against all of its major rivals Friday afternoon. Traders were confronted with a large number of U.S. economic reports this morning. In addition, traders are keeping an eye on developments on Capitol Hill amid the threat of a looming government shutdown.

Reflecting downward revisions to consumer spending and exports, the Commerce Department released a report on Friday showing slightly slower than previously estimated U.S. economic growth in the third quarter.

The report said real gross domestic product surged up by 3.4 percent in the third quarter compared to the previously estimated 3.5 percent jump. The pace of GDP growth had been expected to be unrevised.

After reporting a steep drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing a rebound in durable goods orders in the month of November.

The Commerce Department said durable goods orders climbed by 0.8 percent in November after plunging by 4.3 percent in October. Economists had expected durable goods orders to jump by 1.6 percent.

Personal income in the U.S. increased by slightly less than expected in the month of November, according to a report released by the Commerce Department on Friday, although the report also showed slightly stronger than expected personal spending growth.

The Commerce Department said personal spending edged up by 0.2 percent in November after climbing by 0.5 percent in October. Economists had expected personal income to rise by 0.3 percent.

Meanwhile, the report said personal spending climbed by 0.4 percent in November after jumping by an upwardly revised 0.8 percent in October.

Personal spending had been expected to rise by 0.3 percent compared to the 0.6 percent increase originally reported for the previous month.

Revised data released by the University of Michigan on Friday unexpectedly showed an improvement in U.S. consumer sentiment in the month of December. The report said the consumer sentiment index for December was upwardly revised to 98.3 from a preliminary reading of 97.5. Economists had expected the index to be unrevised.

The dollar has climbed to around $1.1375 against the Euro Friday afternoon, from an early low of $1.1474.

Germany's consumer confidence is set to remain steady at the start of next year as households as the divide between expectations on overall economic situation and personal finances widened further.

The forward-looking consumer confidence indicator is set to show a reading of 10.4 in January, unchanged from December, the market research group GfK said Friday. Economists had forecast a score of 10.3 for January.

Germany's import price growth slowed to its lowest level in six months in November, after an acceleration in the previous month, data from the Federal Statistical Office showed on Friday.

The import price index rose 3.1 percent annually in November following a 4.8 percent increase in October. The latest gain was fastest since May, when import prices rose 2.9 percent from a year ago

Export prices increased 1.7 percent year-on year in November, but fell 0.1 percent from the previous month.

The buck slid to an early low of $1.2697 against the pound sterling Friday, but has since bounced back to around $1.2635.

British business investment fell for three consecutive quarters, marking its weakest period since the 2008-09 global financial crisis, as businesses reduced spending due to the Brexit chaos.

Business investment decreased 1.1 percent sequentially in the third quarter, falling for a third consecutive quarter.

Investment declined for such a long duration for the first time since the economic downturn of 2008-2009, the Office for National Statistics said.

The greenback fell to a low of Y110.932 against the Japanese Yen Friday, but has since rebounded to around Y111.300.

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