Foreign exchange market. European session: the euro traded higher against the U.S. dollar on the manufacturing PMI data from the Eurozone

Economic calendar (GMT0):

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

01:00 China Manufacturing PMI May 50.1 50 50.1

01:00 China Non-Manufacturing PMI May 53.5 53.1

01:30 Australia Gross Domestic Product (QoQ) Quarter I 0.7% Revised From 0.6% 0.8% 1.1%

01:30 Australia Gross Domestic Product (YoY) Quarter I 2.9% Revised From 3% 2.8% 3.1%

01:45 China Markit/Caixin Manufacturing PMI May 49.4 49.2

02:00 Japan Manufacturing PMI (Finally) May 47.6 Revised From 48.2 47.6 47.7

05:45 Switzerland Gross Domestic Product (QoQ) Quarter I 0.4% 0.2% 0.1%

05:45 Switzerland Gross Domestic Product (YoY) Quarter I 0.3% Revised From 0.4% 0.8% 0.7%

07:15 Switzerland Retail Sales (MoM) April -0.3%

07:15 Switzerland Retail Sales Y/Y April -1.3%

07:30 Switzerland Manufacturing PMI May 54.7 54 55.8

07:50 France Manufacturing PMI (Finally) May 48 48.3 48.4

07:55 Germany Manufacturing PMI (Finally) May 51.8 52.4 52.1

08:00 Eurozone Manufacturing PMI (Finally) May 51.7 51.5 51.5

08:30 United Kingdom Net Lending to Individuals, bln April 9.2 Revised From 9.3 5.3 1.6

08:30 United Kingdom Purchasing Manager Index Manufacturing May 49.4 Revised From 49.2 49.6 50.1

08:30 United Kingdom Consumer credit, mln April 1822 Revised From 1883 1600 1287

08:30 United Kingdom Mortgage Approvals April 70.31 Revised From 71.36 67.9 66.25

The U.S. dollar traded lower against the most major currencies ahead of the release of the U.S. economic data. The final manufacturing purchasing managers' index is expected to decline to 50.5 in May from 50.8 in April.

The ISM manufacturing purchasing managers' index is expected to decrease to 50.2 in May from 50.8 in April.

The Fed will release its Beige Book at 18:00 GMT.

The euro traded higher against the U.S. dollar on the manufacturing PMI data from the Eurozone. Markit Economics released its final manufacturing purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final manufacturing purchasing managers' index (PMI) declined to 51.5 in May from 51.7 in April, in line with the preliminary reading.

The decline was driven by a slower growth in new business from both domestic and export markets.

"Manufacturing in the euro area remained stuck in a state of near-stagnation in May, failing to break out of the slow growth phase that has plagued producers since February," Chris Williamson, Chief Economist at Markit said.

"The disappointing performance of manufacturing adds to suspicions that the pace of Eurozone economic growth in the second quarter has cooled after a surprisingly brisk start to the year based on the latest estimate of GDP," he added.

Germany's final Markit/BME manufacturing PMI rose to 52.1 in May from 51.8 in April, down from the preliminary reading of 52.4.

France's final manufacturing PMI increased to 48.4 in May from 48.0 in April, up from the preliminary reading of 48.3.

The British pound traded lower against the U.S. dollar on the mixed economic data from the U.K. Markit Economics released its manufacturing purchasing managers' index (PMI) for the U.K. on Wednesday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. rose to 50.1 in May from 49.4 in April, exceeding expectations for a rise to 49.6. April's figure was revised up from 49.2. The increase was driven by rises in new orders, input costs and average selling prices.

The Bank of England (BoE) released its number of mortgages approvals for the U.K. on Wednesday. The number of mortgages approvals in the U.K. was down to 66,250 in April from 70,305 in March, missing expectations for a decrease to 67,900. March's figure was revised down from 71,357.

Consumer credit in the U.K. rose by £1.287 billion in April, missing expectations for an £1.600 billion increase, after a £1.822 billion gain in March. March's figure was revised down from £1.833 billion.

Net lending to individuals in the U.K. increased by £1.6 billion in April, missing expectations for an £5.3 billion rise, after a £9.2 billion gain in March. March's figure was revised down from a £9.3 billion rise.

The Swiss franc traded higher against the U.S. dollar. The State Secretariat for Economic Affairs (SECO) released its gross domestic product (GDP) data for Switzerland on Wednesday. Switzerland's GDP rose 0.1% in the first quarter, missing expectations for a 0.2% gain, after a 0.4% increase in the fourth quarter. GDP was driven by a positive contribution from consumption expenditure from private households, investments in construction and equipment.

Credit Suisse and procure.ch released their manufacturing purchasing managers' index (PMI) for Switzerland on Wednesday. The manufacturing purchasing managers' index in Switzerland climbed to 55.8 in May from 54.7 in April, beating expectations for a decline to 54.0. It was the highest level since February 2014. The increase was mainly driven by a rise in backlog of orders sub-indexes.

The Federal Statistical Office released its retail sales data for Switzerland on Wednesday. Retail sales in Switzerland were down at an annual rate of 1.9% in April, after a 1.6% decrease in March. March's figure was revised down from a 1.3% decline. Sales of food, beverages and tobacco fell at an annual rate of 0.8% in April, while non-food sales dropped 3.4%.

EUR/USD: the currency pair rose to $1.1185

GBP/USD: the currency pair fell to $1.4420

USD/JPY: the currency pair was down to Y109.08

The most important news that are expected (GMT0):

13:45 U.S. Manufacturing PMI (Finally) May 50.8 50.5

14:00 U.S. Construction Spending, m/m April 0.3% 0.6%

14:00 U.S. ISM Manufacturing May 50.8 50.2

18:00 U.S. Fed's Beige Book