The dollar continued to rise throughout Wednesday off trade-war jitters and news that President Trump would meet with Vladimir Putin. However, the greenback gave back some gains this morning on a slew of mixed data, including worse-than-expected initial jobless claims and the final Q1 GDP reading.

Not soft on trade

After stocks improved Wednesday from what appeared to be a softer stance on how to curb Chinese investments, White House Economic Advisor Larry Kudlow insisted the administration’s new approach was not a retreat.

Kudlow said the use of beefing up the Committee on Foreign Investment in the U.S. is a “modernization” to protect U.S. technology.

The dollar was trading down this morning against the euro and the Japanese yen, but up against the pound.

EUR/USD was reaching close to the 2018 lows we saw last week, hitting 1.152 before climbing higher to 1.159. USD/JPY retreated from the highs of 110.5 Wednesday evening, hovering around 110.1 this morning on worse-than-expected U.S. data.

Disappointing data weighs on dollar

A series of economic data releases out of the U.S. this morning is weighing on the dollar.

The final reading of U.S. Q1 GDP was the bigger upset here, falling to 2.0% quarter over quarter annualized compared to the previous readings of 2.2%.

Initial jobless claims for the week ending June 22 were 227,000 – higher than the 220,000 expected and the 218,000 claims the previous week. On the upside, continuing jobless claims (or those receiving unemployment) for the week ending June 15 fell more than expected to 1.705 million, compared to 1.725 million estimated.

Personal Consumption Expenditures for Q1 slightly missed expectations of 2.6%, coming out at 2.5%. Core PCE met expectations of 2.3% growth. To get a more current idea of PCE, we’ll see the May reading Friday.

Sterling struggling as E.U. summit starts

GBP/USD is hitting fresh lows as pressure weighs on U.K. Prime Minister Theresa May to make progress on how her country will leave the European Union in nine months.

Brexit is high priority for May, but not for the E.U. leaders’ summit, which starts today in Brussels. Immigration and budget issues are leading topics of conversation for the bloc.

GBP/USD reached as low as 1.305 Thursday morning.