U.S. trade deficit fell to its lowest in seven months, pushing the dollar index DXY up 0.53% to 97.76. Dollar rose to its highest in almost three months against Euro, at 1.0891. It rose 0.22% against Sterling to 1.5390. It gained 0.30% against Yen to trade at 121.43.

U.K.'s Services PMI for October came at 54.9, beating forecasts of 54.6. Sterling jumped to its highest in ten weeks against Euro to 0.7074. It rose to its highest in six weeks against Yen, before retreating to 186.83.

European shares bounced up on Wednesday, buoyed by remarks from ECB's chief Mario Draghi; reiterating ECB's readiness to act more aggressively to arrest any possible slowing of growth. The Pan-European index FTSEurofirst index rose 0.97%, while Britain's FTSE jumped 67 points, or 1.05% to 6,450, its highest level in a week. France's CAC index rose 42 points, or 0.85% to 4,978, its highest in ten weeks. Germany's DAX fell 0.30% however, brought down by a steep drop in Volkswagen shares.

Wall Street opened higher, with Dow Jones gaining 10 points, or 0.05% to 17,926. S&P 500 rose 0.04% to 2,110. NASDAQ rose 13 points, or 0.26% to 5,158.

Crude oil prices scaled back, with Brent futures for December losing 39 cents, or 0.76% to $50.15 a barrel. U.S. oil futures fell 29 cents, or 0.56% to $47.62 a barrel.

Gold futures rose $3.60, or 0.32% to $1,117.60 an ounce. Silver futures gained a cent, or 0.07% to $15.25 an ounce.