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The U.S. dollar recovered from early lows and had some bright moments up in positive territory on Tuesday as prospects of a sharp cut in interest rates in July faded after St. Louis Fed President James Bullard dismissed call for half-point cut.

The dollar gained against most of the major currencies as well, but gains were limited as traders continued to bet on an interest rate cut sometime in the foreseeable future.

The dollar index, which rose to 96.36, pared gains subsequently and was last seen hovering around 96.15, up 0.18% from previous close.

Against the euro, the dollar was up more than 0.2% at 1.1374, after having strengthened to 1.1345 at one stage.

The pound sterling was down 0.4% at 1.2690, falling from a high of 1.2782.

The Japanese yen strengthened to 107.16, gaining 0.13%. The yen moved between 106.78 a dollar and 107.41 a dollar in today's session.

The dollar was down 0.13% against the loonie at 1.3163, while it gained about 0.4% against Swiss franc at 0.9758.

Federal Reserve Chairman Jerome Powell reiterated that the central bank will "act as appropriate" to sustain the U.S. economic expansion.

Powell acknowledged that crosscurrents have reemerged since the Fed's May meeting but did not appear to signal the imminent interest rate cut currently being priced in by the markets.

The Fed Chief specifically cited apparent progress on trade turning to greater uncertainty and incoming data raising renewed concerns about the strength of the global economy.

Powell said the baseline outlook for the economy remains favorable but noted that the risks to the outlook appear to have grown.

Powell also stressed the importance of the Fed's independence, warning of the "damage that often arises when policy bends to short-term political interests."

President Donald Trump has repeatedly criticized Powell and the Fed, accusing the central bank of stifling the economy by keeping interest rates too high.

In economic news today, a report from the Conference Board showed a substantial deterioration in U.S. consumer confidence in the month of June.

The Conference Board's consumer confidence index tumbled to 121.5 in June from a downwardly revised 131.3 in May. Economists had expected the index to dip to 132.0 from the 134.1 originally reported for the previous month. This is the lowest level since the index hit 120.6 in September 2017.

A separate report from the Commerce Department also unexpectedly showed a steep drop in new home sales in the U.S. in the month of May.

The Commerce Department said new home sales plunged by 7.8% to an annual rate of 626,000 in May after tumbling by 3.7% to a revised rate of 679,000 in April.

Economists had expected new home sales to climb by 1% to a rate of 680,000 from the 673,000 originally reported for the previous month.