07:39 AM EST, 01/22/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a gain versus the yen, ahead of the release of weekly Redbook same-store sales at 8:55 am ET and leading indicators data for December at 10:00 am ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications were virtually unchanged in the week ended Jan. 17, while the average 30-year fixed mortgage rate declined but remained above 7%.

The Federal Open Market Committee remains in its 'quiet period' ahead of the Jan. 28-29 meeting.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.0443 from 1.0419 at the Tuesday US close and 1.0353 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule, but European Central Bank President Christine Lagarde is set to speak at 10:15 am ET. The next European Central Bank meeting is scheduled for Jan. 30.

GBP/USD rose to 1.2355 from 1.2339 at the Tuesday US close and 1.2240 at the same time Tuesday morning. UK public sector borrowing rose more than expected according to data released overnight. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY rose to 155.8822 from 155.5293 at the Tuesday US close but was below a level of 155.9018 at the same time Tuesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Thursday and Friday, with the announcement expected Thursday evening US time.

USD/CAD fell to 1.4336 from 1.4338 at the Tuesday US close and 1.4445 at the same time Tuesday morning. Canadian industrial product and raw materials prices for December are set to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Jan. 29.