The greenback falls against the European currencies on Wednesday after the release of weaker-than-expected ADP employment data(-79.0K versus expectation of –20K), which diminished the chance of a rate increase by the Federal Reserve on the second-half in this year. The U.S. currency also weakened on expectation that the ECB will raise its main refinancing rate by 0.25% tomorrow. Meanwhile, the Canadian dollar gained the most in almost two months as oil surged above $143 a barrel.

The greenback edged lower against the Japanese yen from the day’s high at 106.78 to 105.92 before New York closing and slid 0.5 percent versus a trade-weighted basket of six major currencies to 72.029. On the other side, the single currency rose to 1.5889 (the highest level since April 24) against the dollar.

Early in the day, the sterling fell broadly as tumbling UK housing shares and a profit warning from retailer Marks and Spencer, however, cable reacted on the weak U.S. job data and the pair rebounded strongly from its day’s low at 1.9845 and closed at 1.9930 in the session. The Aussie also advanced 0.7 percent to 0.9622, near a 25-year high at 0.9668 as the 7.25% interest rates in Australia are the highest among industrialized countries.

The Canadian dollar rose to 1.0090 (biggest gain since May 9) per U.S. dollar as the price of crude oil for August delivery advanced to $144.32 a barrel in New York, the highest since futures started trading in 1983.

Fed rate outlook reflected in futures on the Chicago Board of Trade which show a 22 percent chance that the Fed will raise its 2 percent target rate for overnight lending between banks by a quarter-percentage point at its meeting on Aug. 5, compared with 36 percent odds a week ago.

On Thursday, economic data releases include Australia trade data, Switzerland CPI data, German and U.K service PMI, eurozone’s service PMI, retail sales, ECB rate decision (11.45GMT) and ECB news conference (12:45GMT) , U.S. non-farm payrolls, weekly jobless claims, unemployment rate, average hourly earnings and ISM non-manufacturing.