Foreign exchange market. European session: the British pound traded higher against the U.S. dollar despite the weak labour market data from the U.K.

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

06:00 Germany Producer Price Index (MoM) March -0.5% 0.2% 0.0%

06:00 Germany Producer Price Index (YoY) March -3.0% -2.9% -3.1%

08:30 United Kingdom Average Earnings, 3m/y February 2.1% 2.3% 1.8%

08:30 United Kingdom Claimant count March -9.3 Revised From -18 -11.3 6.7

08:30 United Kingdom ILO Unemployment Rate February 5.1% 5.1% 5.1%

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) April 2.5 2.5 11.5

10:00 Eurozone ECB President Mario Draghi Speaks

11:00 U.S. MBA Mortgage Applications April 10% 1.3%

The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. economic data. The existing home sales in the U.S. are expected to rise to 5.30 million units in March from 5.08 million units in January.

The euro traded higher against the U.S. dollar despite the negative economic data from Germany. Destatis released its producer price index (PPI) for Germany on Wednesday. German PPI producer prices were flat in March, missing expectations for a 0.2% rise, after a 0.5% drop in February.

On a yearly basis, German PPI dropped 3.1% in March, missing expectations for a 2.9% decrease, after a 3.0% fall in February. It was the biggest drop since January 2010.

PPI excluding energy sector fell by 0.9% year-on-year in March. Energy prices were down 9.2% year-on-year in March.

The British pound traded higher against the U.S. dollar despite the weak labour market data from the U.K. The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate remained unchanged at 5.1% in the December to February quarter, in line with expectations.

The claimant count rose by 6,700 people in March, missing expectations for a fall by 11,300, after a decrease of 9,300 people in February. February's figure was revised down from a 18,000 decrease.

U.K. unemployment in the November to January period increased by 21,000 to 1.7 million from the previous quarter. It was the first rise since the May-July quarter of 2015.

The employment rate remained unchanged at 74.1% in the December to February quarter. It was the highest reading since 1971.

Average weekly earnings, excluding bonuses, climbed by 2.2% in the December to February quarter, after a 2.2% gain in the November to January quarter.

Average weekly earnings, including bonuses, rose by 1.8% in the December to February quarter, in missing expectations for a 2.3% gain, after a 2.1% increase in the November to January quarter.

The Canadian dollar traded higher against the U.S. dollar ahead of the release of the Canadian economic data. Wholesales sales in Canada are expected to decrease 0.3% in February, after a flat reading in January.

The Swiss franc traded higher against the U.S. dollar. A survey by the ZEW Institute and Credit Suisse Group showed on Wednesday that Switzerland's economic sentiment index climbed to 11.5 in April from 2.5 in March. Analysts had expected the index to remain unchanged at 2.5.

"In regard to economic expectations as well as the current economic situation in Switzerland, the large majority of respondents do not expect to see any changes," the ZEW said.

EUR/USD: the currency pair rose to $1.1387

GBP/USD: the currency pair increased to $1.4406

USD/JPY: the currency pair climbed to Y109.25

The most important news that are expected (GMT0):

12:30 Canada Wholesale Sales, m/m February 0.0% -0.3%

12:30 U.S. Chicago Federal National Activity Index March -0.29

13:00 United Kingdom MPC Member McCafferty Speaks

14:00 U.S. Existing Home Sales March 5.08 5.3

14:30 U.S. Crude Oil Inventories April 6.634 2.5

20:15 Canada BOC Gov Stephen Poloz Speaks