-- The US dollar rose against its major trading partners early Wednesday, except for a decline versus the Canadian dollar, ahead of a series of economic releases in the morning and the Federal Open Market Committee policy statement in the afternoon.
Durable goods orders, housing starts, and advance trade data, all for March, are due to be released at 8:30 am ET.
Weekly petroleum stocks data are due to be released at 10:30 am ET, and the Atlanta Federal Reserve is expected to update its GDP nowcast estimate around midday.
The FOMC is expected to hold its target rate steady in its post-meeting statement at 2:00 pm ET, followed by Fed Chairman Jerome Powell's press conference at 2:30 pm ET. The CME FedWatch shows a 100% chance of no rate change being priced into the markets.
Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ending April 24 after a large increase in the previous week, as mortgage rates rose slightly.
A quick summary of foreign exchange activity heading into Wednesday:
EUR/USD fell to 1.1705 from 1.1710 at the Tuesday US close but was above a level of 1.1694 at the same time Thursday morning. Eurozone consumer confidence and business sentiment both declined in April, while the Eurozone money supply expanded in March, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for Thursday, when no change in the target rate is expected.
GBP/USD fell to 1.3510 from 1.3516 at the Tuesday US close but was above a level of 1.3484 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for Thursday, when no change in the target rate is expected.
USD/JPY rose to 159.7876 from 159.6661 at the Tuesday US close and 159.6369 at the same time Tuesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.
USD/CAD fell to 1.3681 from 1.3687 at the Tuesday US close but was above a level of 1.3662 at the same time Tuesday morning. The Bank of Canada is expected to maintain its target rate in its announcement at 9:45 am ET. There are no Canadian data on Wednesday's schedule.