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US Dollar Falls Early Wednesday, FOMC Minutes in Afternoon

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The US dollar fell against its major trading partners early Wednesday before a light calendar, with the focus on the minutes of the July 28-29 Federal Open Market Committee meeting at 2:00 pm ET.

Weekly petroleum stocks data are due to be released at 10:30 am ET.

Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications were little changed in the week ended Aug. 14, while the average 30-year mortgage rate held steady.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1610 from 1.1575 at the Tuesday US close and 1.1577 at the same time Tuesday morning. Eurozone consumer prices rebounded in July after a decline in the previous month while core prices were flat, but the year-over-year rates accelerated, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for Sept. 10.

GBP/USD rose to 1.3556 from 1.3533 at the Tuesday US close and 1.3530 at the same time Tuesday morning. UK consumer prices rose faster in July than in the previous month, accelerating the year-over-year rate, while core prices posted a smaller increase to maintain the current year-over-year rate, data released earlier Wednesday showed. The next Bank of England meeting is scheduled for Sept. 17.

USD/JPY fell to 159.1472 from 159.6455 at the Tuesday US close and 159.7049 at the same time Tuesday morning. Japanese core machinery orders rebounded in June, according to data released overnight. The next Bank of Japan meeting is scheduled for Sept. 17-18.

USD/CAD fell to 1.3875 from 1.3898 at the Tuesday US close and 1.3876 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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