The US dollar pushed a fraction higher on Thursday amid a lively debate as to whether US GDP data was bullish or bearish for the greenback.

First quarter GDP growth came in at 3.1 per cent, comfortably below the consensus forecast of 3.5. However the core personal consumption expenditures (PCE) deflator, the Federal Reserve’s preferred measure of inflation, rose to 2.2 per cent, from 1.7 in the previous quarter.