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US Dollar Falls Early Wednesday Ahead of January Nonfarm Payrolls Employment Data

BY MT Newswires | ECONOMIC | 07:31 AM EST

07:31 AM EST, 02/11/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of the release of January nonfarm payrolls employment data at 8:30 am ET.

Nonfarm payrolls are expected to rise by 65,000 in January after a gain of 50,000 in December, while the unemployment rate is due to remain at 4.4% and hourly earnings are forecast to rise by 0.3%. Annual revisions to the payrolls, earnings, and hours worked series are due to be released with the data.

After the employment data, Fed Vice Chair for Supervision Michelle Bowman is due to speak at 10:15 am ET, followed by weekly EIA petroleum stocks inventory data at 10:30 am ET.

The US Treasury is due to release its monthly Treasury budget report for January at 2:00 pm ET and Dallas Fed President Lorie Logan is expected to speak at 7:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said the 30-year fixed mortgage rate was unchanged in the week ended Feb. 6, resulting in only a small decline in mortgage applications in the week.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1906 from 1.1895 at the Tuesday US close and 1.1904 at the same time Tuesday morning. There are no Eurozone data on Wednesday's schedule, but European Central Bank policy board member Isabel Schnabel is due to speak at 12:00 pm ET. The next European Central Bank meeting is scheduled for March 19.

GBP/USD rose to 1.3687 from 1.3644 at the Tuesday US close and 1.3667 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 19.

USD/JPY fell to 153.5712 from 154.3368 at the Tuesday US close and 155.2089 at the same time Tuesday morning. Wednesday is a holiday in Japan, so there were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD fell to 1.3543 from 1.3556 at the Tuesday US close and 1.3564 at the same time Tuesday morning. Canadian building permits data for December are due to be released at 8:30 am ET, followed by Canadian consumer sentiment data for February at 11:00 am ET. The next Bank of Canada meeting is scheduled for March 18.

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

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