The EUR saw a bearish trading session on Wednesday, losing ground against most the major currencies. The EUR fell sharply against the CHF, pushing the oft-traded currency pair to 1.4475. The 16 nation currency experienced similar behavior against the AUD and closed at 1.4875.

However, the Pound was the best performer during Wednesday's European session, soaring across the board and reaching the highest levels of the last two weeks against its main rivals after UK unemployment data beat expectations, with its largest decline in the last 12 years. As a result, the GBP/USD rally from 1.4975 low on Tuesday has extended around 345 pips higher after the release of unemployment data, and the pair hit a fresh 2-weeks high at 1.5320.

Looking ahead today, the news event that may have a very large impact on the EUR and its main currency pairs in today's trading is the Current Account Balance around 9:00 GMT. This report is very important and is likely to impact the EUR's volatility. Traders will be paying close attention to today's announcement as a stronger than expected result may boost the EUR in the short-term.