07:33 AM EDT, 04/10/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a further gain against the yen, before the release of consumer price index data for March at 8:30 am ET.

Both overall and core CPI are expected to rise by 0.3%, slower than 0.4% gains in February.

Later, wholesale inventories data for February are scheduled to be released at 10:00 am ET, followed by weekly petroleum stocks at 10:30 am ET, an update to the Atlanta Federal Reserve's gross domestic product Now estimate for Q1 around midday and the Treasury's budget estimate for March at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications were nearly flat, with a gain in refinancing applications offset by a decline in new home applications. The average contract interest rate for 30-year fixed conforming loans rose to 7.01% from 6.91%.

Fed Governor Michelle Bowman is set to speak at 8:45 am ET, followed by Chicago Fed President Austan Goolsbee and Richmond Fed President Tom Barkin, both at 12:45 pm ET, and the minutes of the March 19-20 Federal Open Market Committee meeting at 2:00 pm ET.

Bowman and Barkin vote on the policy setting Federal Open Market Committee in 2024 while Goolsbee next votes in 2025.

A quick summary of foreign exchange activity heading into Wednesday:

EUR-USD rose to 1.0864 from 1.0857 at the Tuesday US close but was below a level of 1.0870 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule, leaving markets to focus on the European Central Bank meeting scheduled for Thursday. No change in rates is expected.

GBP-USD rose to 1.2701 from 1.2677 at the Tuesday US close and 1.2687 at the same time Tuesday morning. There are no UK data on Wednesday's calendar. The Bank of England meeting is scheduled for May 9.

USD-JPY rose to 151.8350 from 151.7830 at the Tuesday US close and 151.7857 at the same time Tuesday morning. Japanese producer prices rose less than expected in March, but the year-over-year rate ticked up. Bank of Japan Governor Kazuo Ueda said overnight the BoJ would not use its policy rate to counteract moves in the yen, according to Reuters. The next BoJ meeting is scheduled for April 25-26.

USD-CAD fell to 1.3559 from 1.3571 at the Tuesday US close and 1.3567 at the same time Tuesday morning. The Bank of Canada's policy announcement is set to be released at 9:45 am ET, when no change in rates is expected. Canada building permits data for February are scheduled to be released at 8:30 am ET, followed by consumer sentiment data for April at 11:00 am ET.