07:37 AM EDT, 07/23/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a gain versus the euro, before the release of existing-home sales data for June at 10:00 am ET and weekly oil stocks inventory data at 10:30 am ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications partially rebounded in the week ended July 18 after a large drop in the previous week, though the average 30-year fixed mortgage rate hit its highest point in four weeks.

Federal Reserve officials remain in their 'quiet period' through the July 29-30 Federal Open Market Committee meeting.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.1733 from 1.1753 at the Tuesday US close but was above a level of 1.1703 at the same time Tuesday morning. Eurozone consumer confidence data for July are due to be released at 10:00 am ET. The next European Central Bank meeting is scheduled for Thursday, when no change in interest rates is expected.

GBP/USD rose to 1.3537 from 1.3532 at the Tuesday US close and 1.3483 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for Aug. 7.

USD/JPY fell to 146.4039 from 146.5765 at the Tuesday US close and 147.5359 at the same time Tuesday morning. There were no Japanese data released overnight, but the US announced Wednesday morning it had reached a trade deal with Japan that sets tariffs on goods imported to the US from Japan at 15%. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD fell to 1.3584 from 1.3604 at the Tuesday US close and 1.3682 at the same time Tuesday morning. Canadian new home price data for June are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 30.