07:34 AM EDT, 06/17/2026 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, ahead of the Federal Open Market Committee's meeting statement at 2:00 pm ET.

The CME's FedWatch Tool sees a 99.6% change of no change to the current target range of 3.50% to 3.75%, so the focus will be on an updated set of forecasts in the Summary of Economic Projections and any comments from new Federal Reserve Chairman Kevin Warsh.

Earlier in the day, retail sales data for May are due to be released at 8:30 am ET, followed by pending home sales data for May at 10:00 am ET, and business inventories data for April at 10:30 am ET.

Weekly petroleum stocks data are due to be released at 10:30 am ET, and the Atlanta Federal Reserve is due to update its GDP nowcast estimate for Q2 around midday.

Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ended June 12 after a large increase in the previous week. The average 30-year mortgage rate was unchanged.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.1597 from 1.1608 at the Tuesday US close and 1.1612 at the same time Tuesday morning. Eurozone consumer price growth slowed in May compared with the previous month, but the year-over-year rates accelerated, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for July 23.

GBP/USD fell to 1.3413 from 1.3424 at the Tuesday US close and 1.3431 at the same time Tuesday morning. UK consumer prices rose less than expected in May, keeping the year-over-year rate in line with the previous month, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for Thursday, when no change in the policy rate is expected.

USD/JPY fell to 160.2890 from 160.4737 at the Tuesday US close and 160.3294 at the same time Tuesday morning. The Japanese trade balance was in deficit in May after a surplus in April, according to data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD rose to 1.4013 from 1.3999 at the Tuesday US close and 1.3998 at the same time Tuesday morning. Canadian new home price data for May are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 15.