US Dollar Falls Early Wednesday Ahead of Weekly Oil Stocks Inventory Data, Fed Appearances
The US dollar fell against its major trading partners early Wednesday ahead of the release of weekly crude oil stocks inventory data at 10:30 am ET.
An appearance by San Francisco Federal Reserve President Mary Daly is schedule for 12:45 pm ET, followed by Fed Governor Lisa Cook and Boston Fed President Susan Collins together at 2:00 pm ET and Daly again at 4:10 pm ET.
Earlier Wednesday, the Mortgage Bankers Association said a decline in mortgage rates lifted mortgage applications in the week ended Aug. 1.
A quick summary of foreign exchange activity heading into Wednesday:
EUR/USD rose to 1.1609 from 1.1573 at Tuesday's US close and 1.1543 at the same time Tuesday morning. Eurozone retail sales rebounded in June after a decline in the previous month, while the Eurozone's construction purchasing managers' index declined further into contraction territory in July, data release earlier Wednesday showed. The next European Central Bank meeting is scheduled for Sept. 11.
GBP/USD rose to 1.3316 from 1.3296 at the Tuesday US close and 1.3288 at the same time Tuesday morning. UK construction PMI declined further below its breakeven point in July, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected.
USD/JPY fell to 147.5671 from 147.6041 at the Tuesday US close and 147.6784 at the same time Tuesday morning. Japanese wage growth accelerated in June, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 18-19.
USD/CAD fell to 1.3754 from 1.3774 at the Tuesday US close and 1.3805 at the same time Tuesday morning. Canadian reserve asset data for July are due to be released at 8:15 am ET. The next Bank of Canada meeting is scheduled for Sept. 17.
Source: MTN newswires
