07:46 AM EST, 02/26/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday ahead of the release of new home sales data for January at 10:00 am ET and weekly crude oil stocks inventory data at 10:30 am ET.

Richmond Fed President Tom Barkin is expected to speak at 8:30 am ET, repeating a speech that he gave on Tuesday. Atlanta Fed President Raphael Bostic is due to speak at 12:00 pm ET. Both officials next vote on the Federal Open Market Committee in 2027.

Earlier Wednesday, the Mortgage Bankers Association said applications declined despite the lowest average mortgage rate since mid-December, reflecting more pessimism about the economy and the job market.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.0489 from 1.0517 at the Tuesday US close but was up slightly from a level of 1.0487 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for March 5-6.

GBP/USD fell to 1.2645 from 1.2671 at the Tuesday US close but rose from 1.2641 at the same time Tuesday morning. There are no UK data on Wednesday's schedule, but Bank of England policy board member Swati Dhingra is due to speak at 11:30 am ET. The next Bank of England meeting is scheduled for March 20.

USD/JPY rose to 149.5354 from 148.9501 at the Tuesday US close but was below a level of 149.6704 at the same time Tuesday morning. Japanese leading indicators rose less than expected in December according to data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD rose to 1.4346 from 1.4311 at the Tuesday US close and 1.4248 at the same time Tuesday morning. Canadian wholesale sales for January are expected to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for March 12.