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US Dollar Falls Early Wednesday Ahead of Weekly Petroleum Stocks

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The US dollar fell against its major trading partners early Wednesday, except for a gain versus the pound, ahead of a light data release day, with only weekly petroleum stocks at 10:30 am ET on the schedule.

Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications rebounded in the week ended July 17 despite mortgage rates rising to their highest level since August.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1404 from 1.1402 at the Tuesday US close but was below a level of 1.1421 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for Thursday, when no change in the policy rate is expected.

GBP/USD fell to 1.3372 from 1.3381 at the Tuesday US close and 1.3417 at the same time Tuesday morning. UK consumer prices rose as expected in June, slowing the year-over-year rate, while the year-over-year rate for core prices was in line with the previous month, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for July 30.

USD/JPY fell to 163.0070 from 163.2085 at the Tuesday US close but was above a level of 162.7123 at the same time Tuesday morning. The Japanese trade deficit widened in June, according to data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD fell to 1.4099 from 1.4106 at the Tuesday US close but was above a level of 1.4063 at the same time Tuesday morning. There are no Canadian data on Wednesday's schedule. The next Bank of Canada meeting is scheduled for Sept. 2.

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