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US Dollar Falls Early Wednesday After Temporary Pause in Iran, Ahead of FOMC Minutes

BY MT Newswires | ECONOMIC | 04/08/26 07:27 AM EDT

07:27 AM EDT, 04/08/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday following a temporary ceasefire with Iran and ahead of a lighter data schedule leading into the minutes of the March 17-18 Federal Open Market Committee meeting at 2:00 pm ET.

State-level unemployment data for January are due to be released at 10:00 am ET, followed by weekly oil stocks data at 10:30 am ET and an appearance by San Francisco Federal Reserve President Mary Daly at 1:05 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said that mortgage applications declined further in the week ended April 3 despite a decline in mortgage rates.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1687 from 1.1595 at the Tuesday US close and 1.1550 at the same time Tuesday morning. Eurozone producer prices and retail sales both declined in February, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for April 30.

GBP/USD rose to 1.3442 from 1.3288 at the Tuesday US close and 1.3243 at the same time Tuesday morning. UK home prices declined in March, slowing the year-over-year rate, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for April 30.

USD/JPY fell to 158.4646 from 159.5666 at the Tuesday US close and 159.7834 at the same time Tuesday morning. The Japanese current account surplus widened in February, but narrowed after seasonal adjustment, while services business sentiment declined in March, according to data released overnight. The next Bank of Japan meeting is scheduled for April 27-28.

USD/CAD fell to 1.3868 from 1.3895 at the Tuesday US close and 1.3923 at the same time Tuesday morning. The Canadian leading index rose only modestly in March, according to data released earlier Wednesday. Canadian consumer sentiment data for April is due to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for April 29.

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

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