The U.S. dollar recovered against a basket of major currencies on Tuesday after worrying economic data out of the euro zone and United Kingdom underscored the relative health of the U.S. economy.

The dollar reversed Monday's losses against the euro after euro zone industrial output and the ZEW indicator of German investor sentiment came in well below forecasts, renewing fears of another technical recession in the euro zone.

"There is just massive concern about where the European economy is going," said Steven Englander, global head of G10 foreign exchange strategy at CitiFX in New York.

"If you're revising down growth expectations globally, the U.S. is far from the most vulnerable economy," he said on the reasoning behind the dollar's recovery.

The concerns over global growth, particularly in Europe, overshadowed worries that the U.S. Federal Reserve would delay its first interest rate hike. The euro hit an 11-month low against the yen.

Concerns over a delay in the Fed's timeline for hiking rates hurt the dollar on Monday. An interest rate hike is expected to boost the dollar by driving investment flows into the U.S.

The dollar bounced back from a one-month low against the Japanese yen, while the British sterling fell against the greenback on data showing a drop in September inflation and an unexpected fall in the BRC indicator of retail sales in the United Kingdom.

While the dollar was up against the yen, the global growth concerns limited the safe-haven yen's losses.

"The overarching theme is not really a U.S.-centric story this morning, it's more of a European story," said Mark McCormick, currency strategist, at Credit Agricole in New York. The dollar and yen are considered safe-haven currencies.

The euro EUR= was last down 0.73 percent against the dollar at $1.2658, and down 0.57 percent against the yen EURJPY= at 135.41 yen. The euro hit an 11-month low of 135.05 yen.

The dollar was last up 0.17 percent against the yen JPY= at 107.02 yen after hitting a one-month low of 106.68 yen earlier in the session. The dollar also recovered against the Swiss franc and was last up 0.61 percent CHF= at 0.9539 franc.

Sterling GBP= was last down 1 percent against the dollar at $1.5921, not far from an 11-month low of $1.5906 hit earlier in the session. The dollar index .DXY, which measures the greenback against a basket of six major currencies, was last up 0.22 percent at 85.724.

U.S. Treasuries yields fell on the global growth anxiety, while U.S. stocks rebounded as investors focused on corporate earnings. The S&P 500 .SPX was last up 0.57 percent.

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