07:41 AM EDT, 05/21/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday before the release of state-level unemployment data for April at 10:00 am ET and weekly petroleum stocks inventory data at 10:30 am ET.

Richmond Federal Reserve President Tom Barkin is expected to speak at 12:00 pm ET, followed by Fed Governor Michelle Bowman at 12:20 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications declined in the week ended May 16 due to a large increase in mortgage rates to their highest point since February.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1340 from 1.1281 at the Tuesday US close and 1.1247 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule, but European Central Bank policy board member Philip Lane is due to speak at 12:00 pm ET. The next European Central Bank meeting is scheduled for June 4-5.

GBP/USD rose to 1.3411 from 1.3388 at the Tuesday US close and 1.3365 at the same time Tuesday morning. UK consumer prices rose faster than expected in April, boosting the year-over-year rates, according to data released overnight. The next Bank of England meeting is scheduled for June 19.

USD/JPY fell to 143.6896 from 144.5318 at the Tuesday US close and 144.4914 at the same time Tuesday morning. The Japanese trade balance was solidly in deficit in April while year-over-year comparisons showed a slowing of export growth, particularly to the US as tariffs were announced, according to data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD fell to 1.3879 from 1.3915 at the Tuesday US close and 1.3945 at the same time Tuesday morning. Canadian new home price data for April are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 4.