GBP Slides of Data, Oil Soars
The major mover in the currency market on Wednesday was the sterling, which sold off against the dollar following a series of weaker than expected economic reports.
The rest of the major currency pairs remained within a narrow trading range versus the greenback.
Crude oil soared to its highest level in 7-weeks above the $66/barrel mark on Wednesday following a report released by the EIA.
Consensus forecast for US gasoline supplies was for a decline of 1.3 million barrels.
Instead, the EIA reported a sharp 5.4 million-barrel drop.