US Dollar Rises Early Wednesday, Focus on FOMC Minutes
The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, as markets look ahead to the minutes of the April 28-29 Federal Open Market Committee meeting to be released at 2:00 pm ET.Before that, Federal Reserve Governor Michael Barr is due to speak at 9:15 am ET, followed by weekly petroleum stocks data at 10:30 am ET.Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ended May 15 due to a seven-week high in mortgage rates.A quick summary of foreign exchange activity heading into Wednesday:EUR/USD fell to 1.1599 from 1.1606 at the Tuesday US close and 1.1622 at the same time Tuesday morning. Eurozone consumer prices rose as expected in April, lifting the year-over-year rate for overall CPI but slowing the pace of growth in core CPI, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3398 from 1.3400 at the Tuesday US close and 1.3406 at the same time Tuesday morning. UK consumer prices rose less than expected in April, slowing the year-over-year rate of growth, according to data released earlier Wednesday. Bank of England Governor Andrew Bailey is due to speak at 9:15 am ET. The next Bank of England meeting is scheduled for June 18.USD/JPY fell to 159.0338 from 159.0470 at the Tuesday US close and 159.1277 at the same time Tuesday morning. The Reuters Tankan index, a measure of business conditions, improved in May, according to data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD rose to 1.3765 from 1.3750 at the Tuesday US close and 1.3754 at the same time Tuesday morning. There are no Canadian data on Wednesday's schedule. The next Bank of Canada meeting is scheduled for June 10.