07:46 AM EST, 02/05/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday before another busy day of economic data releases and appearances by Federal Reserve officials.

ADP's private payrolls data for January are scheduled to be released at 8:15 am ET, followed by international trade data for December and the Treasury's quarterly refunding, both at 8:30 am ET.

Richmond Fed President Tom Barkin is set to speak at 9:00 am ET and services data are due from S&P Global at 9:45 am ET and the Institute for Supply Management at 10:00 am ET.

Weekly EIA crude oil stocks inventory data are scheduled to be released at 10:30 am ET and the Atlanta Fed is expected to update its Q1 gross domestic product Nowcast estimate around midday.

Minneapolis Fed President Austan Goolsbee is expected to speak at 1:00 pm ET, followed by Fed Governor Michelle Bowman at 3:00 pm ET and Fed Vice Chair Philip Jefferson at 7:30 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage rates fell to a six-week low in the week ended Jan. 31, lifting refinancing applications. However, purchase activity declined in the week due to rising home prices.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.0415 from 1.0386 at the Tuesday US close and 1.0327 at the same time Tuesday morning. The Eurozone services purchasing managers' index fell slightly in January but remained above the breakeven point, while producer prices rose less than expected in December, according to data released earlier Wednesday. European Central Bank policy board member Philip Lane is expected to speak at 9:00 am ET. The next European Central Bank meeting is scheduled for March 5-6.

GBP/USD rose to 1.2535 from 1.2489 at the Tuesday US close and 1.2416 at the same time Tuesday morning. UK services PMI declined in January, now indicating slightly more modest growth in the sector, data released overnight showed. The next Bank of England meeting is scheduled for Thursday, when the BoE is expected to lower its target rate by 25 basis points.

USD/JPY fell to 152.8759 from 154.2649 at the Tuesday US close and 155.3246 at the same time Tuesday morning. Japanese services PMI rose more than expected in January to indicate faster expansion while wage growth accelerated in December, according to data release overnight. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD fell to 1.4290 from 1.4317 at the Tuesday US close and 1.4440 at the same time Tuesday morning. The Canadian trade balance for December is due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for March 12.