07:55 AM EST, 11/27/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday as markets face another busy day of data releases before the Thanksgiving holiday.

Durable goods orders for October, the second look at Q3 gross domestic product growth, advance trade for October and weekly jobless claims will all be released at 8:30 am ET, followed by the Chicago purchasing managers' index for October at 9:45 am ET, and pending home sales and personal income and spending data for October at 10:00 am ET.

Weekly petroleum stocks data are due at 10:30 am ET and weekly natural gas stocks data are scheduled for release at 12:00 pm ET. The Atlanta Federal Reserve is expected to update its GDP nowcast estimate around midday.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications were lifted by the first drop in mortgage rates in over two months, with a jump in purchase applications partially offset by a decline in refinancing activity.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.0527 from 1.0481 at the Tuesday US close and 1.0520 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule, but European Central Bank member Philip Lane is due to speak at 1:00 pm ET. The next European Central Bank meeting is scheduled for Dec. 12.

GBP/USD rose to 1.2610 from 1.2558 at the Tuesday US close and 1.2585 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 fell to 151.4728 from 153.0763 at the Tuesday US close and 153.6124 at the same time Tuesday morning as markets increasingly expect an interest rate increase from the Bank of Japan sooner rather later, particularly if Tokyo consumer prices due for release Thursday are stronger than expected. There were no Japanese data released overnight into Wednesday. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD fell to 1.4058 from 1.4066 at the Tuesday US close and 1.4079 at the same time Tuesday morning. There are no Canadian data on Wednesday's schedule. The next Bank of Canada meeting is scheduled for Dec. 11