07:29 AM EDT, 08/21/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a gain versus the yen, as markets look ahead to the release of the minutes from the Federal Open Market Committee's July 30-31 meeting.

While the FOMC maintained the 5.25%-5.50% range of the federal funds rate at that meeting, its tone suggested a shift toward more concern about the effects of higher rates on the job market. The minutes should give more details on the conversation that led to that shift.

The Mortgage Bankers Association said earlier Wednesday mortgage applications declined in the week ended Aug. 16, partially reversing a sharp increase in the previous week and despite a third straight decline in mortgage rates to their lowest point since May 2023.

The Bureau of Labor Statistics is expected to release the preliminary estimate of its payrolls benchmark revision at 10:00 am ET, followed by the weekly EIA petroleum stocks at 10:30 am ET.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD was little changed at 1.1126 from a 1.1125 level at the Tuesday US close and was above a level of 1.1078 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for Sept. 12.

GBP/USD rose to 1.3042 from 1.3033 at the Tuesday US close and 1.3005 at the same time Tuesday morning. UK public sector net borrowing rose more than expected in July, data released overnight showed. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY rose to 146.1898 from 145.3042 at the Tuesday US close but was below a level of 146.4252 at the same time Tuesday morning. The Japanese trade deficit widened much more than expected in July, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell to 1.3601 from 1.3622 at the Tuesday US close and 1.3611 at the same time Tuesday morning. Canadian prices of industrial products, raw materials and new homes, all for July, are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 4.