Foreign exchange market. European session: the British pound traded higher against the U.S. dollar after the release of the better-than-expected services PMI data from the U.K.

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

00:30 Australia Building Permits, m/m December -12.4% Revised From -12.7% 5% 9.2%

00:30 Australia Trade Balance December -2.73 Revised From -2.90 -2.5 -3.535

01:45 China Markit/Caixin Services PMI January 50.2 52.4

04:30 Japan BOJ Governor Haruhiko Kuroda Speaks

05:00 Japan Consumer Confidence January 42.7 43.8 42.5

08:50 France Services PMI (Finally) January 49.8 50.6 50.3

08:55 Germany Services PMI (Finally) January 56 55.4 55

09:00 Eurozone Services PMI (Finally) January 54.2 53.6 53.6

09:30 United Kingdom Purchasing Manager Index Services January 55.5 55.3 55.6

10:00 Eurozone Retail Sales (MoM) December 0.0% Revised From -0.3% 0.3% 0.3%

10:00 Eurozone Retail Sales (YoY) December 1.6% Revised From 1.4% 1.5% 1.4%

12:00 U.S. MBA Mortgage Applications January 8.8% -2.6%

The U.S. dollar traded lower against the most major currencies ahead of the release of the U.S. economic data. According to the ADP employment report, the U.S. economy is expected to add 195,000 jobs in January.

The ISM non-manufacturing purchasing managers' index is expected to fall to 55.1 in January from 55.8 in December.

The euro traded higher against the U.S. dollar despite the release of the weak services purchasing managers' index (PMI) data from the Eurozone. Markit Economics released final services PMI data for the Eurozone on Wednesday. Eurozone's final services PMI declined to 53.6 in January from 54.2 in December, in line with the preliminary reading.

The index was driven by a slower growth in business activity in Germany, Italy and Spain.

Eurozone's final composite output index fell to 53.6 in January from 54.3 in December, up from the preliminary reading of 53.5.

"A disappointing Eurozone PMI survey for January indicated one of the weakest expansions seen over the past year and raises the prospect of further stimulus," Chief Economist at Markit Chris Williamson said.

He added that the Eurozone's is expected to grow at 0.4% at the start of the year.

Germany's final services PMI slid to 55.0 in January from 56.0 in December, down from the preliminary reading of 55.4.

The index was driven by a slower growth in new orders and employment.

France's final services PMI climbed to 50.3 in January from 49.8 in December, down from the preliminary reading of 50.6.

The index was driven by a rise in new business, backlogs of work and employment.

December, in line with expectations, after a flat reading in November. November's figure was revised up from a 0.3% fall.

Non-food sales increased 0.2% in December, food, drinks and tobacco sales rose 0.6%, while automotive fuel sales declined 0.1%.

On a yearly basis, retail sales in the Eurozone climbed 1.4% in December, missing forecasts of a 1.5% gain, after a 1.6% increase in November. November's figure was revised up from a 1.4% gain.

Non-food sales gained 1.8% year-on-year in December, gasoline sales decreased 0.8%, while food, drinks and tobacco sales rose 0.8%.

In 2015 as whole, retail sales climbed 2.4%.

The British pound traded higher against the U.S. dollar after the release of the better-than-expected services PMI data from the U.K. Markit's and the Chartered Institute of Purchasing & Supply's services purchasing managers' index (PMI) for the U.K. rose to 55.6 in January from 55.5 in December, beating expectations for a fall to 55.3.

The increase was driven by a faster growth in new business and job creation.

"The economy defied expectations and picked up speed in January, but cracks continue to appear in the country's resilience to the various headwinds," the Chief Economist at Markit Chris Williamson said.

He added that the U.K. economy is expected to expand 0.6% in the first quarter of 2016.

EUR/USD: the currency pair rose to $1.0934

GBP/USD: the currency pair increased to $1.4510

USD/JPY: the currency pair fell to Y119.22

The most important news that are expected (GMT0):

13:15 U.S. ADP Employment Report January 257 195

14:45 U.S. Services PMI (Finally) January 54.3 53.7

15:00 U.S. ISM Non-Manufacturing January 55.8 55.1

15:30 U.S. Crude Oil Inventories January 8.383 4.8