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US Dollar Falls Early Wednesday Ahead of ADP Private Payrolls, Import Prices, Services Data

BY MT Newswires | ECONOMIC | 12/03/25 07:50 AM EST

07:50 AM EST, 12/03/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of a busy economic release day, starting with ADP private payrolls data for November at 8:15 am ET and delayed import and export price data for September at 8:30 am ET.

Delayed industrial production data for September are due to be released at 9:15 am ET, followed by S&P Global services data for November at 9:45 am ET, Institute for Supply Management services data for November at 10:00 am ET and weekly petroleum stocks inventory data at 10:30 am ET.

Earlier Wednesday, the Mortgage Bankers Association reported applications for mortgage refinancing declined in the week ended Nov. 28 despite lower 30-year average mortgage rates. Applications for home purchases increased in the week, but a cloudy economic outlook remains a headwind, MBA said.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1667 from 1.1625 at the Tuesday US close and 1.1612 at the same time Tuesday morning. The Eurozone's services purchasing managers' index rose further above the breakeven point in November while Eurozone producer prices increased as expected in October, according to data released earlier Wednesday. European Central Bank policy board member Philip Lane said earlier Wednesday the rising euro versus the dollar will help to slow Eurozone inflation over the next three years. ECB President Christine Lagarde is due to speak at 8:30 am ET and then again at 10:30 am ET. The next European Central Bank meeting is scheduled for Dec. 18.

GBP/USD rose to 1.3300 from 1.3212 at the Tuesday US close and 1.3199 at the same time Tuesday morning. UK services PMI declined in November, according to data released earlier Wednesday. Bank of England policy board member Catherine Mann is due to speak at 12:00 pm ET. The next Bank of England meeting is scheduled for Dec. 18.

USD/JPY fell to 155.4079 from 155.8413 at the Tuesday US close and 155.9184 at the same time Tuesday morning. Japan's services PMI rose slightly in November to indicate faster expansion, according to data released overnight. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD fell to 1.3941 from 1.3978 at the Tuesday US close and 1.4013 at the same time Tuesday morning. Canada's services PMI for November and Canadian labor productivity data for Q3 are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Dec. 10.

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

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