US Dollar Rises Early Wednesday Before Gross Domestic Product, Advance Trade Data and Fed Speakers-January 2024-www.financetom.com

US Dollar Rises Early Wednesday Before Gross Domestic Product, Advance Trade Data and Fed Speakers

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US Dollar Rises Early Wednesday Before Gross Domestic Product, Advance Trade Data and Fed Speakers

Mar 5, 2024 12:46 AM

07:44 AM EST, 02/28/2024 (MT Newswires) -- The US dollar improved against its major trading partners early Wednesday ahead of a second look at Q4 gross domestic product growth and advance trade data for January, both at 8:30 am ET, and weekly oil stocks data at 10:30 am ET.

Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined further in the week ended Feb. 23 despite a small decline in the average 30-year fixed mortgage rate. Applications continue to be restrained by mortgage rates over 7% and tight inventories of homes for sales, MBA said.

Atlanta Federal Reserve President Raphael Bostic is set to speak at 12:00 pm ET, followed by Boston Fed President Susan Collins at 12:15 pm ET and New York Fed President John Williams at 12:45 pm ET. Bostic and Williams vote on the Federal Open Market Committee in 2024.

A quick summary of foreign exchange activity heading into Wednesday:

EUR-USD fell to 1.0816 from 1.0845 at the Tuesday US close and 1.0856 at the same time Tuesday morning. Eurozone consumer confidence improved modestly in February but still indicated more pessimism than optimism while a measure of business sentiment held steady below the breakeven point. European Central Bank policy board member Elizabeth McCaul is set to speak at 9:00 am ET. The next ECB meeting is scheduled for March 7.

GBP-USD fell to 1.2655 from 1.2686 at the Tuesday US close and 1.2687 at the same time Tuesday morning. There are no UK data on Wednesday's schedule, but Bank of England policy board member Catherine Mann is set to speak at 10:30 am ET. The next BoE meeting is scheduled for March 21.

USD-JPY rose to 150.6140 from 150.5221 at the Tuesday US close and 150.2873 at the same time Tuesday morning. Japanese leading indicators rebounded in December after a November decline, data released overnight showed. The next Bank of Japan meeting is set for March 18-19.

USD-CAD rose to 1.3576 from 1.3529 at the Tuesday US close and 1.3492 at the same time Tuesday morning. Canada weekly earnings for December and the Q4 current account are both scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is set for March 6.

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