08:12 AM EST, 03/05/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a gain versus the yen, ahead of a busy schedule of economic releases and the Federal Reserve's Beige Book.

ADP private payrolls for February are due to be released at 8:15 am ET, followed by the S&P Global services purchasing managers' index report for February at 9:45 am ET.

Factory orders data for January and the Institute for Supply Management's services data for February are due at 10:00 am ET, with weekly petroleum stocks data released at 10:30 am ET.

The Fed is expected to release its Beige Book report at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said a large drop in mortgage rates caused by souring consumer sentiment for the US economy pushed mortgage applications up sharply in the week ended Feb. 28.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.0696 from 1.0610 at the Tuesday US close and 1.0544 at the same time Tuesday morning. The Eurozone's services PMI fell in February, but remained above the breakeven point, while Eurozone producer prices rose more then expected in January, data released earlier Wednesday showed. The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected.

GBP/USD rose to 1.2834 from 1.2786 at the Tuesday US close and 1.2741 at the same time Tuesday morning. The UK's services PMI rose in February while car registrations declined in the same month, according to data released earlier Wednesday. Bank of England Governor Andrew Bailey is due to speak at 9:30 am ET. The next Bank of England meeting is scheduled for March 20.

USD/JPY rose to 149.2265 from 149.1039 at the Tuesday US close and 148.2441 at the same time Tuesday morning but is currently on a downward trend. Japan's services PMI rose more than expected in February. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD fell to 1.4396 from 1.4475 at the Tuesday US close and 1.4417 at the same time Tuesday morning. Canadian reserve assets data for February are due to released at 8:15 am ET, followed by Canadian labor productivity data for Q4 at 8:30 am ET. The next Bank of Canada meeting is scheduled for March 12.