The session started with a downbeat tone; where high yielders traded lower against the greenback as markets anticipate tomorrows main risk event in the form of the country selling medium and long term two years and ten years bonds. The headline is expected to have a major impact on the risk-trade especially the common currency.

The British pound was the only gainer against the U.S. dollar, the pair rallied after the Bank of England's minutes, where the committee decided to keep benchmark rates steady, however Adam Posen one of the members had given-up his call for further asset purchases or stimulus, his move followed the recent stability seen in the services and manufacturing sectors, in addition to threats of inflationary pressures over the medium time horizon. Meanwhile, Unemployment rate dropped to 8.3% in February from 8.4%, while jobless change dropped as well to 3.6 thousand in March from the previous revised up reading of 4.5 thousand.

The GBP/USD hit new daily highs at 1.5993 and currently trading around 1.5972, the medium term outlook for the pair looks more positive now, eying a break above the main 1.6000 psychological barrier, however taking into consideration that downbeat data from Europe may tie the pair's upside potential in the near term.

The EUR/GBP fell sharply as well flowing the headlines; printing a new 31-month low at 0.8182.The EUR/USD is trading lower as well; after the recent rally that printed a high at 1.3170, the pair retreated trading currently at 1.3087 after kicking off the session at 1.3125, amid the lack of major economic releases.

A deputy governor said Wednesday; the bank of Japan is ready to implement further easing measures to help escaping deflation and aid the economic recovery, according to Reuters. Thus the USD/JPY rallied after testing the potential support area among 80.00-80.50, currently testing levels around 81.50 and heading towards the main resistance at 81.80-82.00.