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EUR/USD gained 20 points to trade at 1.3835 and I cannot explain why. CPI missed expectations which will force action from the ECB. Perhaps it is a correction after comments from Mr. Draghi and other ECB members over the weekend about stimulus to push inflation upwards had already been taken into account by the markets.

GBP/USD remains the stellar performer as the UK economy keeps moving forward showing a stronger recovery than the US. Today the unemployment figure drops 2 points to report at 6.9% which might push the Bank of England to consider raising interest rates.

USD/CAD traded between small gains and losses as the US dollar gained a bit of momentum to trade at 1.0981 ahead of US and CAD data due towards the end of the European session.

Gold is trading just over the 1300 level at 1302.50 up $2.20 today ahead of US data and this evenings speech by FOMC Director Yellen. Pressures continue to climb in the Ukraine but traders are no longer moving to safety. Fed Chair Janet Yellen is due to speak on monetary policy and the economic recovery later on Wednesday.