07:38 AM EDT, 07/17/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of the release of housing starts data for June at 8:30 am ET and industrial production data for June at 9:15 am ET.

Weekly petroleum stocks are due to be released at 10:30 am ET and an update to the Atlanta Federal Reserve's gross domestic product Nowcast estimate is expected around midday.

Earlier Wednesday, the Mortgage Bankers Association said that a decline in mortgage rates to their lowest level since March lifted refinancing activity, but home purchase loans still declined.

Richmond Federal Reserve President Tom Barking is set to speak at 9:00 am ET, followed by Fed Governor Christopher Waller at 9:35 am ET and the release of the Fed's Beige Book report at 2:00 pm ET. The 'quiet period' ahead of the July 30-31 Federal Open Market Committee begins Saturday.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD jumped to 1.0930 from 1.0902 at the Tuesday US close and 1.0899 at the same time Tuesday morning, as Eurozone consumer prices came in about as expected for June in data released earlier Wednesday, but the year-over-year rate moderated slightly. The next European Central Bank meeting is scheduled for Thursday, when no change in interest rates is expected.

GBP/USD rose to 1.3034 from 1.2975 at the Tuesday US close and 1.2966 at the same time Tuesday morning. UK consumer prices rose less than expected in June for both the overall and core readings according to data released overnight, but the year-over-year rates were unchanged from the previous month compared with expectations for no change. The next Bank of England meeting is scheduled for Aug. 1.

USD/JPY fell to 156.6343 from 158.3784 at the Tuesday US close and 158.4320 at the same time Tuesday morning. The Japanese Tankan survey, a measure of business conditions., rose in July according to data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD fell slightly to 1.3670 from 1.3671 at the Tuesday US close and 1.3685 at the same time Tuesday morning. Canadian foreign securities purchases for May are set to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 24.