07:30 AM EDT, 06/05/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday ahead of the release of ADP private payrolls data for May at 8:15 am ET.

May services data from S&P Global is due to be released at 9:45 am ET, followed by the ISM services reading at 10:00 am ET and weekly petroleum stocks data at 10:30 am ET.

Earlier Wednesday, the Mortgage Bankers Association reported that another small increase in mortgage rates pushed both refinancing and new home applications lower.

The 'quiet period' for the Federal Open Market Committee continues through the June 11-12 meeting.

A quick summary of foreign exchange activity heading into Wednesday:

EUR-USD fell to 1.0869 from 1.0882 at the Tuesday US close and was little changed from a level of 1.0868 at the same time Tuesday morning. The Eurozone services purchasing managers' index fell slightly in May but remained above the breakeven point that indicates expansion, while Eurozone producer prices declined more than expected in April, data released earlier Wednesday showed. The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point reduction in the target rate is expected. ECB policy board member Elizabeth McCaul is set to speak at 4:30 pm ET.

GBP-USD fell slightly to 1.2772 from 1.2773 at the Tuesday US close but was up from a level of 1.2754 at the same time Tuesday morning. UK services PMI declined in May but remained above the breakeven point according to data released earlier Wednesday. The next Bank of England meeting is scheduled for June 20.

USD-JPY jumped to 156.0547 from 154.7655 at the Tuesday US close and 154.9259 at the same time Tuesday morning. Japanese services PMI declined slightly in May but remained above the breakeven point, data released overnight showed. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD rose to 1.3682 from 1.3676 at the Tuesday US close but was below a level of 1.3694 at the same time Tuesday morning. The Bank of Canada is expected to lower its target rate by 25 basis points at its meeting Wednesday. The announcement is due for release at 9:45 am ET followed by a press conference at 10:30 am ET.