UK manufacturing activity fell in July according to recent figures. Manufacturing production fell by 0.8 percent in July. Analysts had expected a small rise of 0.2 percent on the month, so the release had a negative impact on sterling.
The Bank of Canada surprised markets for a second time this year by cutting their target “overnight” rate of interest to 0.5% from 0.75%. The Canadian dollar fell sharply on the news as did other high yields.
Oil futures stabilized on Wednesday after experiencing some of the biggest falls in three months. Brent crude futures stabilized around the 56 dollar mark despite physical supplies of crude rising on the week.