The British pound fell against the US dollar on Wednesday, to shrug off upbeat data that show the UK GDP shrank less than expected.

The British industrial production contracted by 4.2% in March, better than forecasts of a -5.5%, while the manufacturing production shrank by 4.6%, better than forecasts of -6%.

The GDP reading for the first quarter posted a contraction by 2%,  better than estimates of -2.6%. 

The goods trade balance posted a deficit of £12.5 billion in April, higher than forecasts of a deficit by £10 billion.

GBP/USD fell 0.3% at 1.2222 as of 20:08 GMT, after the pair hit a high of 1.239 and a low of 1.2209.

Silver futures fell on Wednesday, to pullback from the earlier gains, as the US dollar rallied against most currencies, despite a slump in stock markets.

Data showed today that the US producer price index in fell 1.3% during April, lower than estimates of 0.5%.

The dollar index rose against a basket of currencies by 0.1% to 100.2 points as of 20:28 GMT, after it hit an intraday high of 100.2 and a low of 99.5.

Federal Reserve Chairman Jerome Powell stated that the US economy is facing the worst economic downturn since World War II due to the coronavirus crisis.

Powell added that the Fed will use all the necessary tools to support the economy but will not adopt negative interest.

Silver July futures fell 0.2% to close at $15.671 an ounce, after a day high of $15.91 and a low of $15.545.

Gold futures rose on Wednesday, despite the US dollar rally, as investors rushed to safe havens amid uncertainty over several economies measures to reopen and the global economy recovery from the coronavirus impact.

Federal Reserve Chairman Jerome Powell stated that FOMC members are working on monetary policies that support the economy following the coronavirus impact on many sectors.

The dollar index rose against a basket of currencies by 0.1% to 100.2 points as of 19:03 GMT, after it hit an intraday high of 100.2 and a low of 99.5.

Data showed today that the US producer price index in fell 1.3% during April, lower than estimates of 0.5%.

Gold June futures rose 0.6% to close at $1,716.4 an ounce, after a day high of $1,726.8 and a low of $1,701.5.

Oil prices fell on Wednesday, amid concerns several economies measures to reopen the economy and the uncertainty about the global economy recovery from the coronavirus impact.

The US Energy Information Administration (EIA) showed today that the US crude inventories fell by 700,000 barrels, lower than forecasts of a rise by 4.8 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories rose by 7.6 million barrels during same period.

However, some analysts fear that the economic reopening measures will not be enough to lift the global demand for oil and the recovery will be slow, amid expectations for a sharp global economic recession.

West Texas Intermediate crude fell 3.4% to $24.89 a barrel as of 18:14 GMT, after it hit a day high of $26.4 and a low of $24.7.

Brent crude fell 3.1% to $29.06 a barrel, with a high of $30.5 and a low of $28.9.