2023.12.2020:41:00UTC+00Dollar Rebounds, Gains Against Most Major Counterparts

The U.S. dollar gained against most of its major counterparts on Wednesday, recovering after a fall in the previous session amid bets the Fed will cut rates next year.

Traders continued to assess interest rate prospects, digesting mixed comments from Fed officials.

While Richmond Fed President Thomas Barkin said the central bank would lower rates if recent progress on inflation continued, Chicago Fed President Austan Goolsbee and Cleveland Fed's Loretta Mester pushed back on expectations of rate cuts.

Atlanta Fed President Raphael Bostic said there was no urgency to lower rates.

In economic releases, a report from the Conference Board showed the consumer confidence index jumped to 110.7 in December from a downwardly revised 101.0 in November.

Economists had expected the consumer confidence index to rise to 103.4 from the 102.0 originally reported for the previous month.

A separate report released by the National Association of Realtors showed an unexpected rebound in U.S. existing home sales in the month of November.

The core personal consumption expenditures price index, the Fed's preferred measure of inflation, will be published on Friday.

The dollar index, which surged to 102.54, gaining about 0.35%, was at 102.45 a little while ago.

Against the Euro, the dollar firmed to 1.0940 from 1.0981, and against Pound Sterling, strengthened to 1.2634 from 1.2732.

Against the Japanese currency, the dollar eased to 143.63 yen from 143.84 yen. The dollar strengthened to 0.6734 against the Aussie, and strengthened to CHF 0.8627 against the Swiss currency. The dollar was up against the Loonie at C$ 1.3368, gaining from C$ 1.3333.