07:58 AM EDT, 05/22/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday, except for a decline versus the pound, before the release of existing home sales data for April at 10:00 am ET and weekly oil stocks data at 10:30 am ET.

The minutes of the April 30-May 1 Federal Open Market Committee meeting are scheduled to be released at 2:00 pm ET, providing some insight into the discussions prior to much of the weaker-than-expected data for April being published.

Earlier Wednesday, the Mortgage Bankers Association reported mortgage rates fell for the third straight week to a seven-week low, lifting refinancing activity. However, purchase applications fell further due to a tight inventory of homes for sales and high prices.

A quick summary of foreign exchange activity heading into Wednesday:

EUR-USD fell to 1.0833 from 1.0856 at the Tuesday US close and 1.0866 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for June 6.

GBP-USD rose to 1.2717 from 1.2714 at the Tuesday US close and 1.2713 at the same time Tuesday morning. The pair hit a high of 1.2758 after UK April consumer prices were reported up more than expected from the previous month and the year-over-year rates slowed less than forecast. The next Bank of England meeting is scheduled for June 20.

USD-JPY rose to 156.4742 from 156.1645 at the Tuesday US close and 156.2698 at the same time Tuesday morning. The Japanese trade gap widened in April while machinery orders jumped in March, data released overnight showed. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD rose to 1.3657 from 1.3645 at the Tuesday US close and 1.3630 at the same time Tuesday morning. There are no Canadian data on Wednesday's schedule. The next Bank of Canada meeting is scheduled for June 5.