US Dollar Rises Early Wednesday Ahead of Oil Stocks, New York Fed Inflation Expectations, FOMC Minutes
MT newswire2026/10/07 11:2107:21 AM EDT, 10/07/2026 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday ahead of the release of weekly oil stocks data at 10:30 am ET and the New York Federal Reserve's inflation expectations report for September at 11:00 am ET. Minutes of the Sept. 15-16 Federal Open Market Committee meeting are expected to be released at 2:00 pm ET, followed by consumer credit data for August at 3:00 pm ET. Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications continued to decline in the week ended Oct. 2 as average 30-year fixed mortgage rates climbed to 7.49% from 7.30% in the previous week, hitting another three-year high. A quick summary of foreign exchange activity heading into Wednesday: EUR/USD fell to 1.1192 from 1.1260 at the Tuesday US close and 1.1252 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. 29. GBP/USD fell to 1.3219 from 1.3277 at the Tuesday US close and 1.3256 at the same time Tuesday morning. UK home prices were flat in September compared with both August and a year earlier, while UK mortgage prices were unchanged in September, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for Nov. 5. USD/JPY rose to 158.3281 from 158.1431 at the Tuesday US close and 158.1712 at the same time Tuesday morning. Japanese business sentiment rose in October while wage income and leading index growth slowed in August, according to data released overnight. The next Bank of Japan meeting is scheduled for Oct. 30. USD/CAD rose to 1.4230 from 1.4210 at the Tuesday US close but was below a level of 1.4266 at the same time Tuesday morning. The Canadian leading index rose more modestly in September than in the previous month, according to data released Wednesday. The next Bank of Canada meeting is scheduled for Oct. 28.
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