07:39 AM EST, 12/11/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday ahead of this week's key release, consumer price data for November, at 8:30 am ET.

Weekly energy stocks inventory follow at 10:30 am ET and the Treasury's monthly budget statement is due at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications were lifted by a surge in refinancing activity in the week ended Dec. 6 due to another downtick in mortgage rates. While purchase applications declined in the current week, they are still being supported by strong demand and rising inventory.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.0499 from 1.0528 at the Tuesday US close and 1.0531 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected.

GBP/USD fell to 1.2736 from 1.2772 at the Tuesday US close and 1.2761 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY rose to 152.5613 from 151.9117 at the Tuesday US close and 151.6820 at the same time Tuesday morning, lifted by a stronger-than-expected increase in Japan's producer price index for November and press reports that the Bank of Japan is open to raising interest rates. The next Bank of Japan meeting is scheduled for Dec. 18-19. The Reuters Tankan index, also released overnight, showed a slide in business confidence in December.

USD/CAD rose to 1.4182 from 1.4172 at the Tuesday US close and 1.4165 at the same time Tuesday morning. The Bank of Canada is expected to lower its target rate by 50 basis points when its post-meeting statement is published at 9:45 am ET, followed by a press conference at 10:30 am ET. Canadian consumer sentiment data for December are due to be released at 11:00 am ET.