The US dollar index, which measures the greenback against a basket of six major currencies, was steady at 92.041 after touching a one-week high of 92.194 on Tuesday.
"The dollar is really going to struggle to hold onto gains," said Mazen Issa, senior foreign exchange strategist at TD Securities.
"The Fed has made it clear in no uncertain terms that they intend to look through transitory inflation factors and they are not perturbed by these moves," said Issa.
The US Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.101% lower at 92.213.
Upbeat European data on Wednesday showing euro zone business activity bounced back to growth last month, also supported the common currency against the greenback.