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The dollar ended Tuesday with small gains against some major currencies, recouping earlier losses, as investors reassessed the likelihood that the Federal Reserve would raise interest rates soon.

The euro lost 0.07% against the dollar to $1.1314, and the dollar gained 0.11% against the Japanese yen to Yen109.1450.

The U.S. dollar stayed just above 109 yen early Wednesday morning in Tokyo , slightly lower than its overnight levels in New York .

The cost of living in the U.S. climbed in April by the most in three years an indication that inflation may be picking up toward the Federal Reserve’s goal.

Consumer prices increased 0.4 percent, the biggest gain since February 2013, following a 0.1 percent advance in March, a Labor Department report showed Tuesday in Washington. The so-called core measure, which strips out food and energy costs, rose 0.2 percent after a 0.1 percent gain the prior month.

New-home construction rose in April, extending a pattern of gains and losses that signals the U.S. homebuilding industry is contributing little to economic growth.

Residential starts increased 6.6 percent to a 1.17 million annualized rate from 1.1 million in March, Commerce Department data showed Tuesday in Washington. The median forecast of 79 economists surveyed by Bloomberg projected an increase to a 1.13 million rate. Permits, a proxy for future construction, also climbed.

U.S. manufacturing rose in April for the first time in three months, indicating a respite for the industry after a one-year slump.

Investors are closely watching data to assess when the U.S. Federal Reserve will raise interest rates. While some Fed officials have suggested two hikes this year, traders are pricing in only one hike by the end of the year.

The Fed could still raise rates two or three times this year, San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart, both nonvoting members, said in a joint appearance in Washington on Tuesday.

Traders now see the probability of a rate hike after the Fed's November meeting at 58 percent, up from roughly 42 percent on Monday, according to the CME FedWatch tool.

Japan's gross domestic product (GDP) for the January-to-March period grew faster than expected, with real GDP rising 0.4 percent on quarter compared with a Reuters poll forecast for 0.1 percent growth. Annualized GDP for the period grew 1.7 percent, compared with expectations from a Reuters poll for 0.2 percent growth.

Oil futures rose for a second straight session on Tuesday, with U.S. crude hitting a seven-month high, as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a bullish assessment on near-term prices.

U.S. West Texas Intermediate (WTI) futures were up 67 cents at $48.39 a barrel at 0635 GMT, the highest since October.

Brent crude futures were up 37 cents at $49.34 a barrel, near the six-month high of $49.47 reached on Monday.

Reference: Reuters, International Business Times, CNBC, The News, Bloomberg, Nasdaq