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US Dollar Falls Early Wednesday Ahead of ADP Payrolls, Services Data, Beige Book

BY MT Newswires | ECONOMIC | 07:51 AM EST

07:51 AM EST, 03/04/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of the release of ADP private payrolls data for February at 8:15 am ET, followed by services conditions data for February from S&P Global at 9:45 am ET and from the Institute for Supply Management at 10:00 am ET.

Weekly petroleum stocks inventory data are due to be released at 10:30 am ET and the Federal Reserve's Beige Book report is expected to be released at 2:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said mortgage applications surged in the week ending Feb. 27 as average 30-year fixed mortgage rates remained at their lowest level since 2022.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1633 from 1.1618 at the Tuesday US close and 1.1600 at the same time Tuesday morning. Eurozone services' purchasing managers' index rose slightly in February while the unemployment rate declined in January and producer prices rebounded in the same month after a dip in December, according to data released earlier Wednesday. European Central Bank Vice President Luis de Guindos is due to speak at 8:30 am ET. The next European Central Bank meeting is scheduled for March 19.

GBP/USD rose to 1.3387 from 1.3362 at the Tuesday US close and 1.3300 at the same time Tuesday morning. The UK's global services PMI held steady in February, according to data released earlier in the day. The next Bank of England meeting is scheduled for March 19.

USD/JPY fell to 157.0707 from 157.6602 at the Tuesday US close and 157.7203 at the same time Tuesday morning. Japanese services PMI and household confidence both increased in February, according to data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD fell to 1.3659 from 1.3669 at the Tuesday US close and 1.3693 at the same time Tuesday morning. Canadian reserve assets data for February are due to be released at 8:15 am ET, followed by Canadian labor productivity data for Q4 at 8:30 am ET and services PMI data for February at 9:30 am ET. Bank of Canada Governor Tiff Macklem is due to speak at 10:30 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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