The Pound Sterling softened against the Euro after news broke that Greece met the deadline for repaying €200 million to the International Monetary Fund (IMF). The UK currency was also under pressure from expectations that today’s UK Services PMI will come in below expectations. Against the US Dollar, the Pound held gains as poor trade data weighed on the ‘Greenback’.

The US Dollar remained under pressure against the majority of its peers due to Tuesday’s mixed data releases. According to the Washington-based Commerce Department, the US trade deficit widened by 43.1% in March to $51.4 billion. The figure was the largest since October 2008. Investors will now turn their attention to Wednesday’s ADP jobs report and a speech due to be given by Federal Reserve chairperson Janet Yellen.

The Euro

The Euro firmed as Greece successfully paid a €200 million interest payment to the IMF. The payment eases the threat of a default. The single currency was also supported by a stronger-than-forecast Services PMI out of Spain. The index rose to 60.3 from 57.3 in April and adds to signs that Spain’s economic recovery is gaining momentum.

Australian Dollar

The ‘Aussie’ advanced against the Pound and other peers as it found support from a positive Chinese Services PMI. The index rose from 52.3 to 52.9 in April. The main driver for the currency, however, was the weakened US Dollar. A softer-than-forecast domestic retail sales report did little to weigh on the currency.

New Zealand Dollar

The New Zealand Dollar dropped to three-week lows against its US counterpart and softened against other peers on Wednesday after the release of downbeat domestic employment data. According to the report released by Statistics New Zealand, the number of people in employment rose by 0.7%, below expectations for a rise of 0.8%. The nation’s overall unemployment rate also ticked higher from 5.7% to 5.8%.