There was mixed data for the UK with industrial production falling by 0.2% whereas manufacturing data came in better than expected, rising by 0.1% in July. Increases in the production of electrical and optical goods were the key drivers. Out today is the Bank of England's (BoE) decision on interest rates. It is expected the BoE will keep interest rates on hold. Although numerous market players think that although another round of monetary easing may be needed, it is highly unlikely it will happen today.

In the Euro zone, the euro made gains versus the dollar as well as maintaining Tuesday's large gains against the Swiss franc. A ruling in the German Constitutional Court which discarded all lawsuits targeted to block German participation in Euro zone bailouts also helped the common currency yesterday. German industrial output came in better than expected as well. Despite these positive glimpses, it is not enough to ease worries over the Euro zone debt crisis. Investors still view the euro as vulnerable and predict it will struggle in coming months.

In the US, the US dollar fell against the euro, terminating its longest rally since April 2010. The dollar fell by 0.3% versus the euro and 0.4% against the yen. Today is the long awaited meeting between President Obama and Congress. Their live meeting will propose getting rid of that worrying 9.1% unemployment rate and put forth new methods for increasing jobs. They will also discuss ways of boosting US economic growth which could result in the implementation of drastic tax cuts.

Elsewhere, commodity currencies such as the Australian dollar made significant gains. It rose 1.2% versus the US dollar as data showed that the Australian economy grew rapidly in four years. Investors are now expressing vast amounts of worry over where the new safe haven is. There is speculation that Norway's crown could be the next alternative, particularly against the euro. The Bank of Canada kept interest rates unchanged as it expects business investment and consumer spending to help the economy grow in the second half of the year.

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