Foreign exchange market. European session: the British pound traded higher against the U.S. dollar after the release of the better-than-expected industrial production data from the U.K.

Economic calendar (GMT0):

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

00:30 Australia Home Loans January 2.7% Revised From 2.6% -2.3% -3.9%

06:00 Japan Prelim Machine Tool Orders, y/y February -17.2% -22.6%

09:30 United Kingdom Industrial Production (MoM) January -1.1% 0.5% 0.3%

09:30 United Kingdom Industrial Production (YoY) January -0.2% Revised From -0.4% 0.2% 0.2%

09:30 United Kingdom Manufacturing Production (MoM) January -0.3% Revised From -0.2% 0.2% 0.7%

09:30 United Kingdom Manufacturing Production (YoY) January -1.7% -0.7% -0.1%

12:00 U.S. MBA Mortgage Applications March -4.8% 0.2%

The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. wholesale sales data. Wholesale inventories in the U.S. are expected to decline 0.2% in January, after a 0.1% decrease in December.

The euro traded lower against the U.S. dollar in the absence of any major economic reports from the Eurozone. Expectations for further stimulus measures by the European Central Bank (ECB) weighed on the currency pair. Market participants expect the central bank to cut its deposit further or/ and to expand its monthly asset purchases. The ECB's is -0.3%, and monthly asset purchases total €60 billion.

The British pound traded higher against the U.S. dollar after the release of the better-than-expected industrial production data from the U.K. The Office for National Statistics (ONS) released its manufacturing and industrial production figures for the U.K. on Wednesday. Industrial production in the U.K. rose 0.3% in January, missing forecasts of a 0.5% increase, after a 1.1% decline in December.

The increase was mainly driven by a gain in water supply, sewerage & waste management, which soared 9.3% in January.

On a yearly basis, industrial production in the U.K. increased 0.2% in January, in line with expectations, after a 0.2% decrease in December. December's figure was revised up from a 0.4% fall.

Manufacturing production in the U.K. climbed 0.7% in January, exceeding expectations for a 0.2% gain, after a 0.3% decrease in December. December's figure was revised down from a 0.2% drop.

Manufacturing output was mainly driven by a rise in other manufacturing and repair, which climbed by 4.8% in January.

On a yearly basis, manufacturing production in the U.K. decreased 0.1% in January, beating forecast of a 0.7% fall, after a 1.7% drop in December.

The Canadian dollar traded slightly higher against the U.S. dollar ahead of the Bank of Canada's interest rate decision. The central bank is expected to keep its interest rate unchanged.

EUR/USD: the currency pair fell to $1.0954

GBP/USD: the currency pair increased to $1.4240

USD/JPY: the currency pair rose to Y112.74

The most important news that are expected (GMT0):

15:00 United Kingdom NIESR GDP Estimate February 0.4%

15:00 Canada Bank of Canada Rate 0.5% 0.5%

15:00 Canada BOC Rate Statement

15:00 U.S. Wholesale Inventories January -0.1% -0.2%

15:30 U.S. Crude Oil Inventories March 10.374 3.5

20:00 New Zealand RBNZ Interest Rate Decision 2.5% 2.5%

20:00 New Zealand RBNZ Rate Statement

20:05 New Zealand RBNZ Press Conference

23:10 New Zealand RBNZ Governor Graeme Wheeler Speaks