The European currency holds tight against the dollar, as many market participants are awaiting the outcome of the Fed meeting, from which investors are waiting for clues on the timing of the program of buying bonds. We add that the markets are waiting for the Fed to clarify the future of the program of buying bonds. The Fed will issue a statement on the results of the meeting, after which the head of the central bank, Ben Bernanke will hold a press conference.

It should be noted that some support for the single currency was data on construction in the eurozone. Construction output in 17 countries in the euro zone rose in April, which was another confirmation of increased economic activity in the region after six quarters of decline. And while in Germany experienced the strongest monthly growth, which in itself is not surprising, there were encouraging signs also have difficulties in southern countries such as Italy and Portugal, where strong growth was recorded for the month. According to published European statistical agency Eurostat data, the volume of construction in April rose by 2 per cent compared to March, when the volume dropped by 1.7 percent.

Compared with April 2012 construction output fell by 6.6 percent. In March, it was noted 7.9 percent decline year on year.

In the EU-27 production in the construction industry in April increased by 0.9 percent in the month dimension, but decreased by 5.9 percent compared to last year.

Among the Member States, the strongest growth in construction compared to March was registered in Germany, Portugal and Italy. In the euro zone the construction of buildings increased by 1.1 percent compared with the previous month, while civil engineering grew by 3.9 percent.

The pound was up against the U.S. dollar, reaching a session high at the same time, amid expectations the publication accompanying statement of the Committee on the Federal Open Market.

It is worth noting that the early fall of currencies contributed to the Bank of England meeting minutes, which showed that the outgoing head of the office with the Bank of England Governor Mervyn King did not find sufficient support in the course of his last vote as a member of the Committee on Monetary Policy in an attempt to achieve increase in size of the stimulus for UK economy.

Mervyn King, David Miles and Paul Fisher argued for an additional 25 billion pounds to buy bonds in order to accelerate economic growth. Considering that new stimulus measures will raise the rate of economic growth without increasing inflation, there is the risk of further shocks from the recession in the euro area, also there is a "need for further monetary stimulus."

But the Committee on monetary policy left the key interest rate of the Bank of England unchanged, at 0.5%, and the amount of retained bond purchase program at 375 billion pounds. According to information contained in the records, the majority of the nine members of the Committee considered the current monetary policy "appropriate."

Minutes of previous meetings give reason to believe that some members have lost faith in the efficacy of the asset purchase program. But the recent volatility of the financial markets have calmed officials that the bond purchases is still effective, records show.

The Canadian dollar was up against the U.S. dollar, which helped to partially presented data that showed that Canadian wholesale sales rose in April, slightly less than expected, as the increase in sales of computers and communications equipment, pharmaceuticals and agricultural products was partially offset by lower costs on motor vehicles and food.

Sales increased a fourth consecutive month, rising by 0.2% to 49,030 million Canadian dollars ($ 48,020 million) reported Wednesday by Statistics Canada. The consensus forecast of analysts was at the level of growth of 0.5%, while the value for the previous month was revised downward to 0.1% from the initial estimate of 0.3%.

Three of the seven sectors, which account for about half of total sales, increased their sales in April.

Sales in the sector of machinery, equipment and supplies were up 2.6%, while sales of computers, communications equipment, and materials jumped by 10.4%.

Sales of medicines, personal and household goods rose by 1.6%. Sales of agricultural supplies jumped 8.9%.

Sales of motor vehicles and parts fell by 1.9%. Wholesale sales of food, beverages and tobacco products fell by 1.4%.

Inventories in wholesale trade in Canada in April rose 0.3% after a revised fall of 0.3% in the previous month, according to preliminary estimates which increased by 0.1%.

Japan posted a merchandise trade deficit of 993.916 billion yen in May, the Ministry of Finance said on Wednesday - slipping into the red for the 10th consecutive month.

The headline figure beat forecasts for a shortfall of 1.22 trillion yen following the downwardly revised deficit of 881.9 billion yen (originally 879.9 trillion yen) in April.

Exports surged 10.1 percent on year to 5.767 trillion yen, topping forecasts for a gain of 6.4 percent after adding 3.8 percent in the previous month.

Exports to China added 8.3 percent on year to 1.046 trillion yen, while exports to all of Asia were up 11.1 percent on year to 3.199 trillion yen.

Exports to the United States jumped 16.3 percent on year to 1.041 trillion yen, while exports to the European Union slid an annual 4.9 percent to 529.078 billion yen.

Imports climbed an annual 10.0 percent to 6.761 trillion yen versus expectations for 11.0 percent after gaining a revised 9.5 percent in the previous month (originally 9.4 percent).

Imports from Asia added 9.7 percent on year to 2.981 trillion yen, while imports from China alone spiked an annual 14.6 percent to 1.456 trillion yen.

Imports from the United States jumped 10.2 percent on year to 614.143 billion yen, while imports from the European Union gained 8.7 percent to 617.795 billion yen.

The adjusted trade balance reflected a deficit of 821.0 billion yen versus forecasts for a shortfall of 890.0 billion yen following the upwardly revised deficit of 702.8 billion yen a month earlier (originally a deficit of 764.4 billion yen).

EUR/USD $1.3150, $1.3250, $1.3300, $1.3320, $1.3335, $1.3400, $1.3500

USD/JPY Y94.50, Y94.80, Y95.00, Y95.25, Y95.50, Y96.00, Y97.00

AUD/USD $0.9400, $0.9425, $0.9430, $0.9500 $0.9700, $0.9730

AUD/JPY Y104.00

CBP/USD $1.5600, $1.5670, $1.5760

USD/NOK Nok5.7030

USD/CAD C$1.0185, C$1.0200

USD/CHF Chf0.9200

EUR/JPY Y128.00

Canadian monthly wholesale sales grew slightly less than expected in April as gains in the computers and communications equipment, pharmaceuticals, and agricultural supplies industries were partly offset by lower outlays on motor vehicles and food.

The value of sales grew for the fourth consecutive month, climbing 0.2% to 49.03 billion Canadian dollars ($48.02 billion), Statistics Canada said Wednesday. Sales volume, which feeds into the calculation of monthly economic output, grew 0.4%.

The consensus call was for the value of sales to rise 0.3%, according to a report from Royal Bank of Canada. The prior month's gain was revised down to 0.1% from the originally estimated 0.3%.

Only three of the seven sectors posted increases in April, accounting for about half the total sales.

The machinery, equipment and supplies sector was up 2.6% as sales of computers and communications equipment and supplies jumped 10.4%.

Sales of pharmaceuticals and pharmacy supplies boosted the personal and household goods sector up 1.6%. An 8.9% spike in sales of agricultural supplies drove the catch-all miscellaneous sector up 0.7%.

The motor vehicles and parts sector declined 1.9%. Wholesalers of food, beverages and tobacco reported a 1.4% drop, dragged by lower food sales.

Overall wholesale inventories rebounded 0.3% following a revised 0.3% drop the prior month, which was originally estimated to have edged up 0.1%.

The inventory-to-sales ratio, a measure of the number of months taken to exhaust inventories if sales stayed at the current level, was steady at 1.26.

08:30 United Kingdom Bank of England Minutes June

09:00 Eurozone Construction Output, m/m April -1.7% 2.0%

09:00 Eurozone Construction Output, y/y April -7.9% -6.6%

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) June 2.2 2.2

Euro traded in a range against the dollar in anticipation of the outcome of the Fed meeting, from which investors are waiting for clues on the timing of the program of buying bonds.

Markets expect the Fed will clarify the future of the program of buying bonds. The Fed will issue a statement on the results of the meeting, after which the head of the central bank, Ben Bernanke will hold a press conference.

Some support for the single currency was data on construction in the eurozone. Construction output in 17 countries in the euro zone rose in April, which was another confirmation of increased economic activity in the region after six quarters of decline. And while in Germany experienced the strongest monthly growth, which in itself is not surprising, there were encouraging signs also have difficulties in southern countries such as Italy and Portugal, where strong growth was recorded for the month. According to published European statistical agency Eurostat data, the volume of construction in April rose by 2.0% compared with the previous month, after falling 1.8% in March. Compared with the same period of the previous year the activity in the sector fell in April by 6.6% after falling 7.3% the month before.

The pound fell against the dollar after the release of the minutes of the Bank of England, which again showed that the monetary authorities unanimously voted to keep interest rates at 0.5% (9 to 0), while the vote in favor of maintaining the program of asset purchases of £ 375 6 billion were distributed to 3. King Fisher and Miles called for an increase in the volume of purchases to £ 400 billion as stated in the protocol, all members of the committee agreed on the fact that "despite the small amount of news about real economic activity this month, the overall situation is developing in a positive way, changing series of small improvements a few months earlier. "

EUR / USD: during the European session, the pair is trading in the range of $ 1.3384 - $ 1.3410

GBP / USD: during the European session, the pair rose to $ 1.5669 and then fell to $ 1.5602

USD / JPY: during the European session, the pair fell to Y94.82

At 12:30 GMT Canada will publish the change in the volume of wholesale trade for April. At 14:30 GMT the United States, there are data on stocks of crude oil from the Ministry of Energy. At 16:40 GMT deliver a speech, Bank of Canada Stephen Poloz. At 18:00 GMT the economic outlook will be released from the FOMC, the publication will be the FOMC decision on the basic interest rate and the accompanying statement will be made FOMC. At 18:30 GMT will be a press conference of the Federal Reserve System. At 22:45 GMT New Zealand is to publish the change in GDP in Q1.

EUR/USD

Offers $1.3500, $1.3450, $1.3430/35, $1.3415/20

Bids $1.3380/70, $1.3350/40, $1.3310/00, $1.3250

GBP/USD

Offers $1.5760, $1.5700, $1.5645/50

Bids $1.5600, $1.5555/50, $1.5500

AUD/USD

Offers $0.9640/50, $0.9620, $0.9580/00, $0.9570/75, $0.9545/50, $0.9515/20

Bids $0.9460/50, $0.9400, $0.9390/85, $0.9350

EUR/JPY

Offers Y129.00, Y128.45/50, Y128.00, Y127.80, Y127.55/60

Bids Y127.05/00, Y126.50/40, Y126.10/00, Y125.80/70

EUR/GBP

Offers stg0.8700, stg0.8650, stg0.8620, stg0.8595/600

Bids stg0.8550/45, stg0.8520, stg0.8475/70, stg0.8465/60

USD/JPY

Offers Y96.50, Y96.20, Y95.95/00, Y95.40/50

Bids Y94.85/80, Y94.50, Y94.20, Y94.10/00, Y93.80/75

Eurozone's construction output increased in April, reversing March's decline, the latest figures from Eurostat revealed Wednesday.

Production in construction rose 2 percent month-on-month in April following a 1.8 percent fall in March and a 1.3 percent increase in February.

Compared with April 2012, production decreased 6.6 percent. This followed a 7.3 percent year-on-year decline in March.

In EU 27, output grew 0.9 percent month-on-month in April, but was down 5.9 percent compared to last year.

Among the member states, the strongest increases in construction output compared to March were recorded in Germany, Portugal and Italy. In euro area, building construction increased 1.1 percent month-on-month and civil engineering rose 3.9 percent.

German alloted E4.01bln of 10-year benchmark 1.50% May 2023 Bund at average yield 1.55% (1.41%) and bid-to-cover ratio 1.5 times (1.6).

Switzerland's economic confidence remained unchanged in June, a monthly survey by the Centre for European Economic Research in cooperation with Credit Suisse showed Wednesday.

The ZEW-CS Indicator of economic expectations stayed unchanged at 2.2 points in June. The indicator reflects expectations of the surveyed financial market experts regarding economic development in Switzerland on a six-month time horizon.

The share of analysts who foresee economic conditions to deteriorate over the next six months decreases by 2.6 percentage points, and the number of optimists also shrank by the same amount, leaving the index unchanged.

Meanwhile, the indicator of experts' views of the current economic situation improved modestly during the month, by 1.7 points from the previous month to 21.7 points, hitting the highest level since August 2011, data showed.

Last week, the State Secretariat For Economic Affairs raised Switzerland's growth estimate for 2013 to 1.4 percent from 1.3 percent. The forecast for next year has been confirmed at 2.1 percent.

EUR/USD $1.3135, $1.3150, $1.3250, $1.3300, $1.3320, $1.3335, $1.3400, $1.3500

USD/JPY Y94.50, Y94.80, Y95.00, Y95.50, Y96.00, Y97.00

AUD/USD $0.9400, $0.9425, $0.9430, $0.9700, $0.9730

AUD/JPY Y104.00

CBP/USD $1.5670

USD/NOK Nok5.7030

USD/CAD C$1.0185

00:00 Australia Conference Board Australia Leading Index April +0.1% +0.3%

00:30 Australia Leading Index April +0.1% +0.6%

The dollar held a two-day gain versus the yen amid speculation Federal Reserve Chairman Ben S. Bernanke will today provide more information about when U.S. policy makers will start to reduce bond purchases. Bernanke will hold a press conference in Washington today following the central bank's meeting. He said on May 22 the Fed could reduce its monthly purchases of $45 billion of Treasuries and $40 billion of mortgage securities if the employment outlook shows sustainable improvement.

Demand for the euro may be bolstered before a composite index based on a survey of purchasing managers in manufacturing and services industries. The gauge is estimated to have risen to 48.1 in June from 47.7 the previous month, London-based Markit Economics will say tomorrow, according to a Bloomberg News poll of economists. A reading below 50 indicates contraction.

EUR / USD: during the Asian session the pair traded in the range of $ 1.3385/00

GBP / USD: during the Asian session the pair traded in the range of $ 1.5615/40

USD / JPY: during the Asian session the pair holds around Y95.40

The stand out feature Wednesday is the Fed's FOMC policy statement following a two-day meeting and the latest post-meet press briefing from Fed Chair Bernanke. Ahead of that, there are full calendars in both Europe and the US, starting at 0700GMT when the ECB Governing Council's mid-month meeting gets underway. Also at 0700GMT, Spanish April industrial orders will be released. At 0730GMT, EU Economics and Monetary Affairs Commissioner Olli Rehn is scheduled to deliver a speech at a Brussels Economic Forum. WTO Director General Pascal Lamy will give a speech at the same forum from 0800GMT. At 0900GMT, the EMU April construction output numbers are set to cross the wires, with analysts looking for little changed on the -1.7 M/M and -7.9% Y/Y seen in March. Also at 0900GMT, the latest DIW economic research institute growth forecasts will be published. At 1030GMT, German Chancellor Merkel and US Pres Obama will give a joint press conference in Berlin. Later, they will both deliver speeches fromthe Brandenburg Gate (1300GMT). At 1215GMT, ECB's Member Erkki Liikanen will give a speech at the Brussels Economic Forum. German Finance Minister Wolfgang Schaeuble will deliver a speech at a conference in Berlin from 1245GMT.

The main UK release comes at 0830GMT, when the latest Bank of England minutes are released - detailing the last to be chaired by outgoing Governor Mervyn King. Analysts expect that there was a repeat of the 6-3 vote against undertaking further quantitative easing. Recent economic data suggest the UK economy may finally be improving and this has alleviated the need for any further stimulus from the MPC.

Early US data sees the release of the MBA Mortgage Index for the June 14 week at 1100GMT. The EIA Crude Oil Stocks data for the week ending June 14 are expected at 1430GMT.

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3393 +0,23%

GBP/USD $1,5638 -0,51%

USD/CHF Chf0,9200 -0,28%

USD/JPY Y95,39 +0,74%

EUR/JPY Y127,76 +1,75%

GBP/JPY Y149,15 +0,25%

AUD/USD $0,9484 -0,67%

NZD/USD $0,7991 -0,13%

USD/CAD C$1,0214 +0,27%

00:00 Australia Conference Board Australia Leading Index April +0.1% +0.3%

00:30 Australia Leading Index April +0.1% +0.6%

08:30 United Kingdom Bank of England Minutes June

09:00 Eurozone Construction Output, m/m April -1.7%

09:00 Eurozone Construction Output, y/y April -7.9%

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) June 2.2

12:30 Canada Wholesale Sales, m/m April +0.3% +0.5%

14:30 U.S. Crude Oil Inventories June +2.5

16:40 Canada BOC Gov Stephen Poloz Speaks

18:00 U.S. Fed Interest Rate Decision June 0.25% 0.25%

18:00 U.S. FOMC Statement June

18:00 U.S. FOMC Economic Projections June

18:30 U.S. Federal Reserve Press Conference June

20:00 United Kingdom BOE Gov King Speaks

22:45 New Zealand GDP q/q Quarter I +1.5% +0.6%

22:45 New Zealand GDP y/y Quarter I +3.0% +2.4%