WASHINGTON (dpa-AFX) - The U.S. dollar moved in a very tight range on Thursday, but managed to hold above the flat line for much of the session, as worries about global growth lingered due to the ongoing trade spat between the U.S. and China.
A batch of somewhat disappointing economic data out of the U.S. that raised speculation about a likely cut in interest rate sometime in the near future contributed to the greenback's sluggish movements.
The dollar index rose to a high of 98.28 from an early low of 98.09, but gave up gains and was flat at 98.15 past mid afternoon.
Against the euro, the dollar was little changed at 1.1133, after moving between 1.117 and 1.1145.
The pound sterling lost ground against the greenback, with a unit fetching $1.2614, after having strengthened to $1.2581 around mid morning.
The Japanese yen managed to retain its safe haven status, not losing much against the greenback.
The dollar shed marginal ground against Swiss franc and lost about 0.12% against the loonie, but was up more than 0.1% against the Aussie.
According to the revised data released by the Commerce Department today, U.S. real gross domestic product surged up by 3.1% in the first quarter, reflecting a slight downward from revision from the previously reported 3.2% jump.
The downwardly revised increase in GDP, which matched economist estimates, still represented a notable acceleration from the 2.2% growth seen in the fourth quarter of 2018.
A report released by the Labor Department showed initial jobless claims edged up to 215,000 in the week ended May 25th, an increase of 3,000 from the previous week's revised level of 212,000.
Economists had expected jobless claims to inch up to 215,000 from the 211,000 originally reported for the previous week.
U.S. pending home sales dropped for the 16th straight month in April, falling 2% compared to the same month a year ago, a report from the National Association of Realtors showed.
NAR said its pending home sales index tumbled by 1.5% to 104.3 in April after surging up by 3.9% to an upwardly revised 105.9 in March.
The pullback came as a surprise to economists, who had expected pending home sales to climb by 0.9% compared to the 3.8% jump originally reported for the previous month.
On the trade front, Chinese Vice Foreign Minister Zhang Hanhui accused the U.S. of 'economic terrorism' by raising tariffs on Chinese goods.
'We oppose a trade war but are not afraid of a trade war,' Zhang said. 'This kind of deliberately provoking trade disputes is naked economic terrorism, economic homicide, economic bullying.'
A report from Bloomberg News indicating China has put purchases of U.S. soybeans on hold has added to concerns about a trade war.
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