(CNBC) The dollar on Thursday recovered from earlier losses spurred by soft U.S. economic data, as investors consolidated positions and looked for fresh trading incentives amid U.S.-China trade negotiations and talks related to Britain's exit from the European Union.
The greenback earlier fell, hurt by weaker-than-expected U.S. economic data that affirmed expectations the Federal Reserve will hold U.S. interest rates steady this year.
“We had weak U.S. data earlier that pushed the dollar lower, but now that move is over,” said John Doyle, vice president of dealing and trading at Tempus Inc. in Washington. “Right now, we’re kind of stuck in some boring, tight ranges. We were kind of hoping for some events to shake things loose, but that didn’t really happen and we’re sort of looking for the next driver,” he added.
Doyle noted that those drivers could very well be related to developments on U.S.-China trade talks and Brexit negotiations.