US Dollar Falls Early Wednesday, Oil Stocks in Focus

07:38 AM EDT, 10/21/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday, except for a gain versus the euro, with only weekly oil stocks at 10:30 am ET on the schedule. Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ended Oct. 16 despite the first drop in mortgage rates in two months. A quick summary of foreign exchange activity heading into Wednesday: EUR/USD fell to 1.1230 from 1.1235 at the Tuesday US close but was above a level of 1.1212 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule, but European Central Bank President Christine Lagarde is due to speak at 12:00 pm ET. The next European Central Bank meeting is scheduled for Oct. 29. GBP/USD rose to 1.3389 from 1.3379 at the Tuesday US close and 1.3340 at the same time Tuesday morning. UK consumer prices rose more than expected in September while core price growth was as expected, lifting the year-over-year rates for both, according to data released earlier Wednesday. Bank of England Governor Andrew Bailey is due to speak at 9:00 am ET. The next Bank of England meeting is scheduled for Nov. 5. USD/JPY fell to 157.9601 from 158.2072 at the Tuesday US close and 158.2001 at the same time Tuesday morning. The Japanese trade deficit narrowed in September according to data released overnight. The next Bank of Japan meeting is scheduled for Oct. 30. USD/CAD fell to 1.4047 from 1.4058 at the Tuesday US close and 1.4052 at the same time Tuesday morning. There are no Canadian data on Wednesday's schedule. The next Bank of Canada meeting is scheduled for Oct. 28.