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It was priced at a low of almost 14 months against its European counterpart, before gaining on the back of buyers thinking the fall was "overstated" given that the US economy is showing signs of recovery, Bloomberg reports.
In New York, at 09:18 local time, the dollar was up 0.5 per cent to $1.4873 per euro, having yesterday slid to $1.4968 - its weakest level since August 2008.
The US currency also climbed against the yen - jumping 0.3 per cent to 135.68 - and head of global currency strategy at RBC Capital Markets in London Adam Cole told the news source that the dollar "is trading better on better news now".
Elsewhere on the currency markets, the Canadian dollar has moved away from parity with its US counterpart on the back of a falling US stock index futures and the third-quarter loss recorded by Bank of America. the news source reports.
