US Dollar Rises Early Wednesday Ahead of Wholesale Inventories, Oil Stocks, FOMC Minutes

The US dollar rose against its major trading partners early Wednesday, except for a decline versus the Canadian dollar, ahead of the release of wholesale inventories data for May at 10:00 am ET, weekly oil stocks data at 10:30 am ET, and minutes of the June 16-17 Federal Open Market Committee meeting at 2:00 pm ET. The Atlanta Federal Reserve is expected to update its GDP nowcast estimate for Q2 around midday, and consumer credit data for May are due to be released at 3:00 pm ET. Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ended July 3 as the average 30-year fixed mortgage rate increased slightly. A quick summary of foreign exchange activity heading into Wednesday: EUR/USD fell to 1.1410 from 1.1416 at the Tuesday US close and 1.1430 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 12:40 pm ET. The next European Central Bank meeting is scheduled for July 23. GBP/USD fell to 1.3346 from 1.3361 at the Tuesday US close and 1.3385 at the same time Tuesday morning. There are no UK data on.