07:43 AM EDT, 03/12/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday before the release of consumer price index data for February at 8:30 am ET.

Weekly petroleum stocks inventory data are due to be released at 10:30 am ET, followed by Treasury budget data for February at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage rates declined for a sixth straight week, pushing up applications in the week ended March 7.

Federal Reserve officials are in their 'quiet period' ahead of the March 18-19 Federal Open Market Committee meeting.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.0906 from 1.0922 at the Tuesday US close but was above a level of 1.0897 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule. European Central Bank President Christine Lagarde said overnight the increased uncertainty from US trade policy makes the ECB's inflation fighting job harder. The next European Central Bank meeting is scheduled for April 16-17.

GBP/USD fell to 1.2943 from 1.2953 at the Tuesday US close but was up from a level of 1.2927 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for March 20.

USD/JPY rose to 148.6963 from 147.7556 at the Tuesday US close and 147.5034 at the same time Tuesday morning. Japanese producer prices were flat in February, slowing the year-over-year rate, while manufacturing sentiment turned pessimistic in Q1, according to data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD rose to 1.4415 from 1.4410 at the Tuesday US close and 1.4409 at the same time Tuesday morning. The pair climbed as high as 1.4514 on Tuesday after the Trump administration announced it would double the tariffs on aluminum and steel imports from Canada. The Bank of Canada is expected to lower its target rate by 25 basis points when its announcement is released at 9:45 am ET., followed by Canadian consumer sentiment data for March at 11:00 am ET.