07:34 AM EDT, 05/08/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday ahead of the release of wholesale inventories data for March at 10:00 am ET, weekly petroleum stocks data at 10:30 am ET and an update to the Atlanta Federal Reserve's gross domestic product Nowcast estimate around 11:00 am ET.

Earlier Wednesday, the Mortgage Bankers Association said that a decline in mortgage rates lifted applications for both refinancing loans and new mortgage applications.

Fed Vice Chair Philip Jefferson is scheduled to speak at 11:00 am ET, followed by an appearance by Fed Governor Lisa Cook at 1:30 pm ET.

A quick summary of foreign exchange activity heading into Wednesday:

EUR-USD fell to 1.0752 from 1.0757 at the Tuesday US close and 1.0763 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for June 6.

GBP-USD fell to 1.2492 from 1.2508 at the Tuesday US close and 1.2540 at the same time Tuesday morning. There are no UK data scheduled for release Wednesday. The next Bank of England meeting is scheduled for Thursday when no change in interest rates is expected.

USD-JPY rose to 155.3763 from 154.6979 at the Tuesday US close and 154.5247 at the same time Tuesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD rose to 1.3750 from 1.3725 at the Tuesday US close and 1.3681 at the same time Tuesday morning. Data on Canadian consumer sentiment for May are scheduled to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for June 5.