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US Dollar Rises Early Wednesday Ahead of Energy Stocks Inventory Data, FOMC Minutes

BY MT Newswires | ECONOMIC | 10/08/25 07:33 AM EDT

07:33 AM EDT, 10/08/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday, except for a decline versus the Canadian dollar, ahead of the release of weekly oil stocks inventory data at 10:30 am ET and the minutes of the Sept. 16-17 Federal Open Market Committee meeting at 2:00 pm ET.

Federal Reserve Governor Michael Barr is due to speak at 9:30 am ET, followed an appearance by Minneapolis Fed President Neel Kashkari at 3:15 pm ET and another appearance by Barr at 5:45 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications declined in the week ended Oct. 3 despite lower mortgage rates.

The US government shutdown continues to impact the scheduling of government-produced data releases, with no clear end in sight.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD fell to 1.1630 from 1.1650 at the Tuesday US close and 1.1674 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. 30.

GBP/USD fell to 1.3414 from 1.3421 at the Tuesday US close and 1.3427 at the same time Tuesday morning. There are no UK data on Wednesday's schedule, but Bank of England policy board member Huw Pill is due to speak at 11:00 am ET. The next Bank of England meeting is scheduled for Nov. 6.

USD/JPY rose to 152.7632 from 151.9104 at the Tuesday US close and 150.8377 at the same time Tuesday morning. The Japanese current account surplus widened in August while Japanese wage income growth slowed in the same month and Japanese service business sentiment improved slightly in September, according to data released overnight. The next Bank of Japan meeting is scheduled for Oct. 29.

USD/CAD fell to 1.3948 from 1.3955 at the Tuesday US close and 1.3954 at the same time Tuesday morning. Canadian consumer sentiment data for October are due to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for Oct. 29.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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