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The dollar slipped from its 14-year-high against a basket of currencies on Thursday as investors took profits ahead of holidays and a big batch of U.S. economic data due later in the day.

The dollar index .DXY, which measures the greenback against six major rivals, last stood at 103.02. It has receded from the 103.65 marked on Tuesday, its highest since December 2002.

Still the dollar's decline was limited as the Federal Reserve signaled more frequent rate hikes in 2017, partly on expectations for faster economic growth under the incoming Trump Administration.

While trade is expected to slow down ahead of Christmas, the market's near-term focus is on a big batch of U.S. economic data due on Thursday, including revised GDP for July-Sept, durable goods orders for November, and weekly initial jobless claims

The euro was up 0.1 percent at $1.0430 EUR=EBS, rebounding from $1.0352 on Tuesday, the lowest since January 2003.

The greenback stood 117.58 yen JPY=EBS against the yen, retreating from 10-1/2 month high of 118.66 yen set last week.

U.S. home resales unexpectedly rose in November, reaching their highest level in nearly 10 years, likely as buyers rushed into the market to lock in low interest rates in anticipation of further increases in borrowing costs.

The third straight monthly increase in existing home sales, reported by the National Association of Realtors on Wednesday, suggested housing would contribute to economic growth in the fourth quarter after being a drag in the previous two quarters.

Existing home sales increased 0.7 percent to an annual rate of 5.61 million units last month, the highest sales pace since February 2007. October's sales pace was revised down to 5.57 million units from the previously reported 5.60 million units.

Japan's cabinet approved on Thursday a record $830 billion spending budget for fiscal 2017 that counts on low interest rates and a weak yen to limit borrowing, underscoring the challenge Tokyo faces in curbing the industrial world's heaviest debt burden.

Oil futures edged lower on Wednesday following a report showing a surprise build in U.S. crude inventories last week.

U.S. crude stocks rose by 2.3 million barrels in the week to Dec. 16 as refineries hiked output, while gasoline stocks and distillate inventories fell, the U.S. Energy Information Administration said.

Brent crude oil futures fell 81 cents, or 1.5 percent, at $54.54 a barrel by 2:36 p.m. EDT (1936 GMT), while U.S. crude futures settled down 81 cents, or 1.5 percent, at $52.49 a barrel.

Reference: Reuters, CNBC