The EUR gained versus the Dollar Wednesday, shaking off disappointing U.S. economic data and sagging equities, after the ECB said it will lend banks 75.2 billion euros ($110 billion) for 12 months at the current benchmark interest rate of 1%. This was a lower number than was anticipated by economists, indicating banks' need for cash has eased for now.

The EUR traded at $1.4634, up from $1.4581 Tuesday, and at 131.44 Yen from 131.33 Yen. Comments from Federal Reserve officials pointed to a continuation of the loose monetary policy which encouraged risk appetite, despite concern over the sustainability of a U.S. economic turnaround. Loose economic policy reassures markets there is still an extended period of liquidity, which is positive for risky assets.

The Pound has continued to under-perform versus its major currency counterparts, unable to shake off the comments by Bank of England (BOE) governor Mervyn King that a weak Sterling will be beneficial for the U.K.'s recovery. In today's early trading the Pound is at $1.5942 versus the Dollar.

While most of the news today is expected to come from the U.S., traders are advised to follow the release of the British Manufacturing PMI at 8:30 GMT. A better than expected result might help reverse some of the Pound's recent losses.