07:38 AM EDT, 06/25/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday ahead of the release of new home sales data for May and a second day of testimony by Federal Reserve Chairman Jerome Powell, both at 10:00 am ET.

Weekly petroleum stocks inventory data are due to be released at 10:30 am ET.

Earlier Wednesday, the Mortgage Bankers Association reported mortgage applications rebounded in the week ended June 20 after a decline in the previous week despite a small uptick in mortgage rates.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.1604 from 1.1613 at the Tuesday US close but was above a level of 1.1596 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for July 24.

GBP/USD fell to 1.3607 from 1.3620 at the Tuesday US close and 1.3608 at the same time Tuesday morning. UK car registrations rebounded in May after a decline in June, according to data released overnight. The next Bank of England meeting is scheduled for Aug. 7.

USD/JPY rose to 145.6793 from 144.7857 at the Tuesday US close and 145.1063 at the same time Tuesday morning. The Japanese leading index declined sharply in April while the coincident index rose modestly, according to data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD rose to 1.3732 from 1.3726 at the Tuesday US close and 1.3720 at the same time Tuesday morning. Canadian budget data for April are due to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for July 30.