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US Dollar Falls Early Wednesday Ahead of ADP Private Payrolls, Treasury Refunding

BY MT Newswires | ECONOMIC | 05/06/26 07:34 AM EDT

07:34 AM EDT, 05/06/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday ahead of the release of ADP private payrolls data for April at 8:15 am ET and the Treasury's quarterly refunding statement at 8:30 am ET.

State-level unemployment data for March are due to be released at 10:00 am ET, followed by weekly petroleum stocks at 10:30 am ET. Chicago Federal Reserve President Austan Goolsbee is due to speak at 1:00 pm ET.

Earlier Wednesday, the Mortgage Bankers Association said that mortgage applications declined in the week ended May 1 due to higher mortgage rates.

A quick summary of foreign exchange activity heading into Wednesday:

EUR/USD rose to 1.1794 from 1.1696 at the Tuesday US close and 1.1689 at the same time Tuesday morning. The Eurozone services PMI declined in April, indicating contraction, while Eurozone producer prices rebounded in March, according to data released earlier Wednesday. European Central Bank policy board member Philip Lane is due to speak at 11:30 am ET. The next European Central Bank meeting is scheduled for June 11.

GBP/USD rose to 1.3637 from 1.3543 at the Tuesday US close and 1.3545 at the same time Tuesday morning. UK services PMI rose more than expected in April, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for June 18.

USD/JPY fell sharply to 155.7979 from 157.8804 at Tuesday's US close and from 157.6894 at the same time Tuesday morning, amid suspected intervention by Japanese officials. Wednesday is a holiday in Japan, so there were no data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.

USD/CAD fell to 1.3600 from 1.3623 at the Tuesday US close and 1.3618 at the same time Tuesday morning. The Canadian IVEY PMI for April is due to be released at 10:00 am ET, followed by an appearance by Bank of Canada Governor Tiff Macklem at 4:15 pm ET. The next Bank of Canada meeting is scheduled for June 10.

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

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