07:35 AM EDT, 06/04/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a gain versus the yen, before a busy day of economic data releases that starts with ADP private payrolls data at 8:15 am ET.

Federal Reserve Governor Lisa Cook and Atlanta Fed President Raphael Bostic are due to appear together at 8:30 am ET.

Nonmanufacturing data from S&P Global is due to be released at 9:45 am ET, followed by nonmanufacturing data from ISM at 10:00 am ET. Weekly petroleum stocks are scheduled to be released at 10:30 am ET.

The Fed's Beige Book report is due to be released at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said that mortgage applications fell in the week ended May 30 despite a decline in the average 30-year fixed mortgage rate.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1384 from 1.1369 at the Tuesday US close but was below a level of 1.1398 at the same time Tuesday morning. Eurozone services PMI declined below the breakeven point in May, now indicating contraction, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for Thursday, when a 25-basis point rate reduction is expected.

GBP/USD rose to 1.3525 from 1.3515 at the Tuesday US close and 1.3507 at the same time Tuesday morning. UK services PMI rose in May and now indicates expansion, data released earlier Wednesday showed. The next Bank of England meeting is scheduled for June 19.

USD/JPY rose to 144.2148 from 144.0920 at the Tuesday US close and 143.0766 at the same time Tuesday morning. Japanese services PMI declined modestly in May but stayed above the breakeven point that indicates expansion, according to data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD fell to 1.3710 from 1.3721 at the Tuesday US close and 1.3735 at the same time Tuesday morning. The Bank of Canada is expected to hold its key target rate steady when its statement is released at 9:45 am ET, followed by a press conference at 10:30 am ET. Data on Q1 labor productivity is due to be released at 8:30 am ET.