07:44 AM EDT, 03/19/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday as the focus turns to the Federal Open Market Committee's post-meeting announcement at 2:00 pm ET and Federal Reserve Chairman Jerome Powell's press conference at 2:30 pm ET.

There is a 99% chance being priced in for the federal funds rate range to remain at the current 4.25% to 4.50%, according to the CME FedWatch, and a only a 1% chance of a 25 basis point reduction to a range of 4% to 4.25%. As a result, updates to the Summary of Economic Projections and the statement, as well as Powell's comments, will garner most of the attention.

Earlier Wednesday, the Mortgage Bankers Association said mortgage rates rose for the first time in nine weeks, pushing down applications.

Also on Wednesday, weekly oil stocks inventory data are due to be released at 10:30 am ET and the US Treasury's TICS data for January are scheduled to be released at 4:00 pm ET.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.0901 from 1.0947 at the Tuesday US close and 1.0936 at the same time Tuesday morning. Eurozone consumer prices rebounded in February after declines in the previous month, but the year-over-year rates slowed, according to data released earlier Wednesday. European Central Bank Vice President Luis de Guindos is due to speak at 8:00 am ET, followed by ECB policy board member Frank Elderson at 9:00 am ET. The next European Central Bank meeting is scheduled for April 16-17.

GBP/USD fell to 1.2965 from 1.3005 at the Tuesday US close and 1.2990 at the same time Tuesday morning. There are no UK data on Tuesday's schedule. The next Bank of England meeting is scheduled for Thursday, when no change in rates is expected.

USD/JPY rose to 149.8459 from 149.2780 at the Tuesday US close and 149.6563 at the same time Tuesday morning. The Bank of Japan held its key target rate steady overnight but warned about the competing risks of tariffs from the US and domestic inflation pressures. The next Bank of Japan meeting is scheduled for April 30-May 1. Japanese business sentiment declined in March while the trade balances shifted into surplus in February and industrial production declined in January, according to data released overnight.

USD/CAD rose to 1.4326 from 1.4295 at the Tuesday US close and 1.4262 at the same time Tuesday morning. There are no Canadian data on Wednesday's schedule. The next Bank of Canada meeting is scheduled for April 16.