07:34 AM EDT, 09/11/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for an improvement versus the British pound, as markets focused their attention on consumer price data for August scheduled to be released at 8:30 am ET.

As one of the last remaining key data points before the Sept. 17-18 Federal Open Market Committee meeting, CPI will help determine the size of the rate cut expected at the meeting.

Both overall and core CPI are expected to repeat their July gains with 0.2% increases in August. The year-over-year rate for overall CPI is expected to slow to 2.5% from 2.9% in July, while the core rate expected to remain at 3.2%.

Weekly crude oil stocks are set to be released at 10:30 am ET.

Earlier Wednesday, the Mortgage Bankers Association said that mortgage applications rose further in the week ended Sept. 6. Fixed rates for conventional 30-year mortgages fell for a sixth consecutive week to an average of 6.29%, their lowest level since February 2023.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1047 from 1.1026 at the Tuesday US close and 1.1038 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The European Central Bank's rate decision is scheduled for Thursday when a 25-basis point rate cut is expected.

GBP/USD fell to 1.3079 from 1.3086 at the Tuesday US close and 1.3099 at the same time Tuesday morning. UK GDP was flat in July and rose less than expected year-over-year, data released overnight showed. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY fell to 141.6002 from 142.3142 at the Tuesday US close and 143.0169 at the same time Tuesday morning. The Reuters Tankan index, a measure of Japanese business conditions, declined in September in data released overnight. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell to 1.3579 from 1.3601 at the Tuesday US close but was above a reading of 1.3567 at the same time Tuesday morning. Canadian consumer sentiment data for September is due to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for Oct. 23.