Forex: Wednesday's review

The euro reached its highest level in 17 months against the dollar on speculation European Central Bank President Jean-Claude Trichet will signal further rate increases after policy makers meet tomorrow.
The ECB raised its benchmark interest rate to 1.25% on April 7 from a record low 1%%. Some economists expect it to signal tomorrow another boost will come as soon as June.
The U.S. dollar fell versus the euro on weaker-than-forecast economic data and speculation the Federal Reserve will maintain economic stimulus.
The Institute for Supply Management’s index of non-manufacturing companies fell to 52.8 in April, the lowest since August. It was 57.3 in March, and economists forecasted a reading of 57.5.
ADP Employer Services data showed employment at U.S. companies increased by 179,000 jobs in April, compared with a revised 207,000 in March. The median estimate called for a 198,000 advance this month.
The Canadian dollar fell for a third day against its U.S. counterpart, the longest losing streak since March, as crude oil dropped. The commodity is Canada’s biggest export.
The pound touched its lowest level in more than a year against the euro after reports showed U.K. house prices fell and construction growth slowed, discouraging the Bank of England from boosting borrowing costs tomorrow.

EUR/USD: the pair shown high in the field of $1.4940, then decreased in around $1.4820.

GBP/USD: the pair  shown high in the field of $1.6570, theb decreased in around $1.6480.

USD/JPY: on results of yesterday's session the pair  decreased in around Y80.60.

European data - at 1000GMT German manufacturing orders. The ECB decision at 1145GMT.
In the UK, local elections take place alongside the AV Referendum. UK data includes the April Services PMI at 0830GMT, which is expected to slip to a reading of 55.5 from 57.1 last month. BoE decision at 1100 GMT.
US data also comes at 1230GMT, when initial jobless claims are  expected to fall 19,000 to 410,000 in the April 30 week after rising sharply in the previous week. At the same time, non-farm productivity is expected to slow to a 1.5% increase in the first quarter, as GDP growth was much slower than in the previous quarter. Unit labor costs are expected to rebound 0.8% as a result. At 1330GMT, Fed Chairman Ben Bernanke delivers a speech to the Chicago Fed's Annual Conference on Bank Structure and Competition.