07:33 AM EDT, 09/04/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of a busy day of economic data releases, starting with ADP private payrolls for August at 8:15 am ET.

International trade data for July is due for release at 8:30 am ET, followed by weekly Redbook same store sales at 8:55 am ET and factory orders data for July and job openings data for July, both at 10:00 am ET.

The Atlanta Federal Reserve is due to release an update to its GDP nowcast data around midday and the Fed will publish its Beige Book report at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association reported that home purchase applications improved further due to another small drop in mortgage rates, partially offset by slight decline in refinancing applications.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1051 from 1.1041 at the Tuesday US close and 1.1037 at the same time Tuesday morning. Eurozone services PMI improved in August to indicate more widespread expansion while producer prices rose more than expected, data released earlier Wednesday showed. The next ECB meeting is scheduled for Sept. 12.

GBP/USD rose to 1.3114 from 1.3107 at the Tuesday US close but was below a level of 1.3117 at the same time Tuesday morning. UK services PMI rose more than expected in August, indicating a faster pace of growth than in July, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY fell to 145.0680 from 145.6329 at the Tuesday US close and 145.9398 at the same time Tuesday morning. Japanese services PMI was unchanged in August from July, data released overnight showed, still indicating modest expansion. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD was little changed at 1.3552 from 1.3553 at the Tuesday US close and up from 1.3543 at the same time Tuesday morning. The focus on Wednesday is on the Bank of Canada's policy announcement at 9:45 am ET, when the BOC is expected to lower its target rate to 4.25% from 4.50%. Prior to the announcement, the Canadian trade balance for July is scheduled to be released at 8:30 am ET.