US Dollar Rises Early Wednesday Ahead of PPI, Empire, Warsh

The US dollar rose against its major trading partners early Wednesday, except for a decline versus the pound, ahead of producer price data for June and the New York Federal Reserve's Empire State manufacturing survey for July, both at 8:30 am ET. New York Fed President John Williams is due to speak at 8:45 am ET, and Fed Chair Kevin Warsh is scheduled to begin his second day of testimony at 10:00 am ET. Weekly crude oil stocks data are set for release at 10:30 am ET, followed by an appearance by Fed Governor Lisa Cook at 1:00 pm ET and the Fed's Beige Book report at 2:00 pm ET. Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications fell further in the week ended July 10 as average 30-year mortgage rates climbed to their highest level since August 2025. A quick summary of foreign exchange activity heading into Wednesday: EUR/USD fell to 1.1413 from 1.1421 at the Tuesday US close, but was above 1.1395 at the same time Tuesday morning. Eurozone industrial production declined in May and was down year-over-year, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for July 23. GBP/USD rose to 1.3399.