Investing.com - The dollar regained some ground against other major currencies on Wednesday, boosted by the release of strong U.S. third-quarter economic growth data and amid growing hopes a U.S. tax reform plan will soon be implemented.
In a second estimate, official data showed that U.S. gross domestic product expanded by 3.3% in the third quarter, compared to an initial reading of 3.0%.
The upbeat report came a day after data showed that U.S. consumer confidence approached a 17-year high this month.
Investors were also encouraged by the fact that the U.S. Senate Budget Committee approved President Donald Trump's tax bill. A full Senate vote of the bill could now take place as soon as Thursday.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.12% at 93.31 by 08:40 a.m. ET (12:40 GMT), off session lows of 92.93.
EUR/USD eased 0.09% to 1.1827, while GBP/USD advanced 0.31% to trade at 1.3386 after data earlier showed that UK consumer credit growth cooled to a 18-month low in October.
Elsewhere, the yen and the Swiss franc turned lower, with USD/JPY up 0.39% at 111.90 and with USD/CHF rising 0.22% to 0.9859.
Safe haven demand had initially strengthened after North Korea said on Tuesday that it had successfully launched a new type of intercontinental ballistic missile that it claimed was capable of reaching the U.S. mainland.
The Australian and New Zealand dollars were weaker, with AUD/USD down 0.45% at 0.7561 and with NZD/USD easing 0.09% to 0.6892.
Meanwhile, USD/CAD added 0.20% to trade at 1.2845.