07:39 AM EDT, 04/09/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of the release of wholesale inventories for February at 10:00 am ET, followed by weekly crude oil stocks inventories at 10:30 am ET.

The Atlanta Federal Reserve is expected to update its gross domestic product Nowcast estimate for Q1 around midday.

Richmond Fed President Tom Barkin is due to speak at 12:30 pm ET and minutes of the March 18-19 Federal Open Market Committee meeting are due to be released at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage rates declined to their lowest level in six months in the week ended April 4 due to increased economic uncertainty, lifting both refinancing activity and purchase applications.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1044 from 1.0958 at the Tuesday US close and 1.0932 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for April 16-17.

GBP/USD rose to 1.2827 from 1.2776 at the Tuesday US close and 1.2759 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for May 8.

USD/JPY fell to 144.9810 from 146.2907 at the Tuesday US close and 146.8859 at the same time Tuesday morning. Japanese household confidence declined more than expected in March, according to data released overnight. Bank of Japan Governor Kazuo Ueda said earlier Wednesday that there are increased risks to the Japanese economy from US tariffs but added the BoJ will continue to raise rates when conditions allow, according to Bloomberg. The next Bank of Japan meeting is scheduled for April 30-May 1.

USD/CAD fell to 1.4215 from 1.4247 at the Tuesday US close but was above a level of 1.4198 at the same time Tuesday morning. Canadian consumer sentiment data for April is due to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for April 16.