07:46 AM EDT, 05/15/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of a busy data schedule that starts with the New York Federal Reserve's Empire State survey for May and retail sales and consumer price data for April, all at 8:30 am ET.

Business inventories data for March and the NAHB's builder sentiment reading for May are set for release at 10:00 am ET, followed by weekly EIA petroleum stocks at 10:30 am ET, the Atlanta Fed's gross domestic product Nowcast around midday and the Treasury International Capital System report at 4:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association reported mortgage rates declined in the week ended May 10, lifting refinancing activity. However, new home applications declined as inventory of homes for sale remains tight.

On Tuesday, Fed Chairman Jerome Powell said it may take longer for restrictive monetary policy to impact inflation than previously expected, requiring the Federal Open Market Committee to keep rates higher for longer.

Fed Vice Chair for Supervision Michael Barr is set to testify on banking regulation at 10:00 am ET, followed by Minneapolis Fed President Neel Kashkari at 12:00 pm ET and Fed Governor Michelle Bowman at 3:20 pm ET.

A quick summary of foreign exchange activity heading into Wednesday:

EUR-USD rose to 1.0826 from 1.0821 at the Tuesday US close and 1.0797 at the same time Tuesday morning. Eurozone employment and GDP both rose as expected in Q1, data released earlier Wednesday showed. The next European Central Bank meeting is scheduled for June 6.

GBP-USD rose to 1.2605 from 1.2591 at the Tuesday US close and 1.2555 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for June 20.

USD-JPY fell to 155.6862 from 156.4685 at the Tuesday US close and 156.4501 at the same time Tuesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD fell to 1.3636 from 1.3651 at the Tuesday US close and 1.3669 at the same time Tuesday morning. Canada housing starts for April are scheduled to be released at 8:15 am ET followed by Canadian manufacturing sales data for March at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 5.