Foreign exchange market. American session: the U.S. dollar traded mixed to higher against the most major currencies in the absence of any major U.S. economic reports

The U.S. dollar traded mixed to higher against the most major currencies in the absence of any major U.S. economic reports.

The greenback remained supported by speculation that the Fed might start to raise its interest rate sooner than expected.

The euro traded mixed against the U.S. dollar. Concerns over Greece's further bailout policy and quantitative easing by the European Central Bank (ECB) still weighed on the euro. The ECB had started to purchase government bonds on Monday.

The ECB President Mario Draghi said on Wednesday that bond purchases should help to boost inflation and encourage investors to shift to riskier assets. He noted that quantitative easing was unconventional but "not unorthodox".

The Eurogroup of euro zone finance ministers continued to discuss proposed Greek economic reforms.

The British pound fell against the U.S. dollar after the weak economic data from the U.K. The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Wednesday. The GDP estimate rose by 0.6% in three months to February, after a 0.6% growth in three months to January, which figure was revised down from a 0.7% increase.

Manufacturing production in the U.K. fell 0.5% in January, missing expectations for a 0.3% rise, after a 0.1% rise in December.

The decline was driven by lower output in the computer, electronic and optical sector. Output dropped by 9.5%, the biggest monthly decline since early 2002.

On a yearly basis, manufacturing production in the U.K. increased 1.9% in January, after a 2.6% rise in December. December's figure was revised up from a 2.4% gain.

Industrial production in the U.K. decreased 0.1% in January, missing forecasts of a 0.2% rise, after a 0.2% decline in December.

The U.K. oil and gas production rose 2.4% in January as production at North Sea oil and gas fields increased.

On a yearly basis, industrial production in the U.K. rose 1.3% in January, after a 0.8% gain in December. December's figure was revised up from a 0.5% rise.

The New Zealand dollar traded lower against the U.S. dollar ahead of the Reserve Bank of New Zealand's interest rate decision. Analysts expect interest rate to remain unchanged at 3.50%.

In the overnight trading session, the kiwi traded lower against the greenback in the absence of any major economic reports from New Zealand.

The Australian dollar traded lower against the U.S. dollar. In the overnight trading session, the Aussie traded lower against the greenback after the weak economic data from Australia. Home loans in Australia dropped 3.5% in January, missing expectations for a 1.9% decline, after a 2.7% increase in December.

The Melbourne Institute and Westpac Bank released its consumer sentiment index for Australia on late Tuesday. The consumer sentiment index for Australia fell 1.2% in March, after a 8.0% rise in February.

The Japanese yen traded mixed against the U.S. dollar. In the overnight trading session, the yen traded lower against the greenback. Japan's core machinery orders declined 1.7% in January, beating expectations for a 3.8% drop, after a 8.3% rise in December.

On a yearly basis, Japan's core machinery orders climbed 1.9% in January, after a 11.4% rise in December.