The dollar rebounded from record lows against the euro and a major currency basket on Wednesday after advanced government estimates showed the U.S. economy in the third quarter grew at its fastest pace since the beginning of last year.

The dollar also gained after a stronger-than-expected U.S. private sector jobs report this month.

Both reports, however, did little to alter expectations the Federal Reserve will cut interest rates later in the session. The Fed is widely seen cutting the fed funds rate by a quarter point to 4.5 percent. Some investors reckon the U.S. central bank could signal additional rate cuts in the post-decision statement.

The Fed cut by an aggressive half point last month.

Obviously (the GDP report) was stronger than what market was looking for, said Ron Simpson, director of currency research at Action Economics in Tampa, Florida.

We've seen stock futures move higher and the dollar move higher, but I don't expect it to have much impact ahead of the FOMC. This data is ancient history.

The Commerce Department reported that the U.S. economy expanded 3.9 percent. Markets were expecting GDP growth of 3.0 percent.

The euro slipped against the dollar to $1.4429 from $1.4445 previously. It earlier rose to a lifetime peak at $1.4467. Against the yen, the dollar edged up to 115.34, up 0.6 percent on the day.

The dollar index, which tracks the currency's performance against a basket of six major currencies, recovered to 76.833, moving away from a record low at 76.621 hit earlier in the session.

Following, the data, the futures market showed an 88 percent chance the Fed will cut interest rates on Wednesday against 94 percent on Tuesday. Bigger losses were logged in 2008 contracts, suggesting prospects for less aggressive Fed easing in the new year.

(Additional reporting by Nick Olivari)