07:41 AM EST, 01/15/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday before an extremely busy schedule of economic data releases, starting with consumer price data for December and the New York Fed's Empire State manufacturing survey for January, both at 8:30 am ET.

Richmond Federal Reserve President Tom Barkin is due to speak at 9:00 am ET, followed by Minneapolis Fed President Neel Kashkari at 10:00 am ET.

Weekly oil stocks inventory data are due at 10:30 am ET and New York Fed President John Williams is expected to speak at 11:00 am ET.

Chicago Fed President Austan Goolsbee is schedule to speak at 12:00 pm ET and the Fed's Beige Book is due to be released at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications surged by 33.3% in the week ended Jan. 10 despite a fifth straight weekly increase in mortgage rates. MBA noted the volatility in applications activity around the holidays, accounting for the large increase in the current week.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose slightly to 1.0302 from 1.0301 at the Tuesday US close and 1.0260 at the same time Tuesday morning. Eurozone industrial production rose less than expected in November, according to data released earlier Wednesday. European Central Bank Vice President Luis de Guindos said overnight he expects the ECB to continue easing its monetary policy stance but cautioned that there is considerable uncertainty. The next European Central Bank meeting is scheduled for Jan. 30.

GBP/USD rose to 1.2218 from 1.2205 at the Tuesday US close and 1.2177 at the same time Tuesday morning. UK consumer prices rose less than expected in December, slowing the year-over-year rate, data released overnight showed. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY fell to 156.9810 from 157.9869 at the Tuesday US close and 158.0707 at the same time Tuesday morning. Japanese business conditions improved in January according to the Reuters Tankan survey released overnight. The next Bank of Japan meeting is scheduled for Jan. 23-24.

USD/CAD fell to 1.4345 from 1.4359 at the Tuesday US close and 1.4388 at the same time Tuesday morning. Canadian manufacturing, wholesale and motor vehicle sales data, all for November, are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Jan. 29.