The EUR was little changed, erasing earlier gains, after figures showing Europe's manufacturing industry continued to contract in August stoked investor concern that the global recession has further to run. The EUR fell against the USD, pushing the oft-traded currency pair to 1.4220. Despite positive data on Tuesday that showed Euro-Zone purchasing managers' index (PMI) rise and German unemployment unexpectedly fell in August, the EUR failed to make headway on the data as falls in equities weighed.

The Sterling erased its early gains against the U.S dollar and the EUR after an unexpected dip in UK manufacturing activity in August, stoking concerns about the pace of recovery in the British economy. The GBP was down 0.8% at $1.6152 and was little changed against the EUR at 88.04 pence.

Looking ahead to today, the most important economic indicator scheduled to be released from the Euro-Zone is the Revised GDP at 9:00 GMT. Analysts are forecasting this figure to be unchanged from its previous reading. Traders will be paying close attention to today's announcement as a stronger than expected result may boost the EUR in the short-term. Traders are also advised to follow the Construction PMI figures coming out of Britain at 8:30 GMT, and the ADP Non-Farm Employment Change figures coming out of the U.S. at 12:15 GMT as these results may set the EUR's main currency crosses going into today's trading.