07:48 AM EDT, 10/09/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday ahead of a lighter data schedule but a heavy slate of nine appearances by Federal Reserve officials.

Earlier Wednesday, the Mortgage Bankers Association said the strong September employment data released last week lifted mortgage rates to their highest level since August in the week ended Oct. 4. Refinance applications fell sharply, but applications for home purchases were roughly steady.

Wholesale inventories data for August are due at 10:00 am ET, followed by weekly crude oil stocks data at 10:30 am ET and an update to the Atlanta Fed's gross domestic product growth Nowcast forecast for Q3 around midday.

Boston Fed President Susan Collins said Tuesday evening the Federal Open Market Committee will likely need to cut rates further to assure that economy remains healthy while noting inflation continues to move lower toward the 2% goal.

Later in the evening, Fed Vice Chair Philip Jefferson said risks to inflation and employment are now more in balance, and he will continue to monitor incoming data and the balance of risks when making meeting-by-meeting decisions.

The Fed appearance schedule continues in full force on Wednesday, starting with Atlanta Fed President Raphael Bostic at 8:00 am ET and followed by Dallas Fed President Lorie Logan at 9:15 am ET.

Chicago Fed President Austan Goolsbee is due to speak at 10:30 am ET, followed by Logan again at 10:45 am ET, New York Fed President John Williams at 11:00 am ET, Richmond Fed President Tom Barkin at 12:15 pm ET and Jefferson again at 12:30 pm ET.

The minutes of the Sept. 17-18 Federal Open Market Committee meeting are due at 2:00 pm ET. Then, Collins makes an appearance at 5:00 pm ET and the day ends with San Francisco Fed President Mary Daly at 6:00 pm ET.

Jefferson, Bostic, Barkin, Williams and Daly are voters on the FOMC this year. Collins and Goolsbee next vote in 2025, while Logan is due to vote again in 2026.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.0968 from 1.0978 at the Tuesday US close and 1.0985 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. The next European Central Bank meeting is scheduled for Oct. 17.

GBP/USD fell to 1.3093 from 1.3100 at the Tuesday US close and 1.3095 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for Nov. 7.

USD/JPY rose to 148.5826 from 148.2887 at the Tuesday US close and 147.9700 at the same time Tuesday morning. Japanese business conditions improved in October while machine tool orders declined sharply in September compared with a year earlier, according to data released overnight. The next Bank of Japan meeting is scheduled for Oct. 30-31.

USD/CAD rose to 1.3672 from 1.3647 at the Tuesday US close and 1.3639 at the same time Tuesday morning. Data on Canadian consumer sentiment for October is due for release at 11:00 am ET. The next Bank of Canada meeting is scheduled for Oct. 23.