The currency market finished another mixed trading day on Wednesday. The U.S. dollar and Japanese yen rebounded against European currencies but retreated later in the day as risk appetite together with hopes of economic recovery continued to decrease the demand for the greenback and yen as a safe-haven currency.

The single currency moved sideways in both Asian and European session and then fell to 1.4155 in U.S. opening as stock markets opened lower. However, price rebounded from there after the equities pared early losses and the European currency moved higher in U.S. afternoon to a session high of 1.4258, which was close to the 7-week high at 1.4278 made on Tuesday.

The British pound fell to as low as 1.6311 in European morning as Ben Bernanke’s overnight comments on less bullish U.S. economic outlook continued to pressure price. However, sterling staged a strong rebound after the release of BOE minutes, which showed that all nine Bank of England policymakers voted this month to maintain the 125 billion pound asset-buying plan and kept interest rates at 0.5%. The minutes also stated that August would be a better time to review current money policies. Sterling climbed back to as high as 1.6506 in U.S. afternoon before retreating.

High-yielding currencies strengthened against the dollar, the loonie rose to a fresh 5-week high at 1.0950 against the greenback, being the best performer versus the U.S. dollar among the 16 most-active currencies so far this month. Meanwhile, aussie dollar rose briefly to 6-week high at 0.8214 and Kiwi reached a 9-month fresh high at 0.6632 before easing.

Earlier in the day, Eurozone industrial orders came out as –0.2% monthly and 30.1% yearly, weaker than economists' forecast of 1.8% increase n 27.9% drop respectively. U.K. CBI factory orders came in weaker than expected. The order book balance fell to -59 (forecast was -45) in July from -51 in June.

Economic data to be released on Thursday include:

Trade balance and import/export figure in Japan; Current account in Eurozone; Retail sales in U.K.; Jobless claims and existing home sales in U.S..