FXstreet.com (Barcelona) - The euro has gradually been gaining strength since the start of the month, but the British pound came under significant pressure on Wednesday morning following a round of disappointing UK news.

First, data showed that the UK economy hemorrhaged jobs during the month of February as jobless claims surged by 138.4K, the largest single month gain since record-keeping began in 1971, which pushed the claimant count rate up to 4.3 percent from 3.9 percent.

Nevertheless, small moves on the part of EUR/USD and GBP/USD in the morning turned into massive gains later in the day due to the Federal Reserve's announcement for its own quantitative easing plans, which adds to upside potential for both currency pairs, said Terri Belkas, analyst at FXCM.