US Dollar Falls Early Wednesday Ahead of Busy Data Release Schedule

07:23 AM EST, 11/04/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Wednesday after democrats swept the midterm elections and ahead of a busy day of economic data releases. ADP private payrolls data for October are due to be released at 8:15 am ET, followed by international trade data for September at 8:30 am ET, at the same time as the US Treasury's quarterly refunding release. Nonmanufacturing data for October are due from S&P Global at 9:45 am ET and from ISM at 10:00 am ET. Weekly EIA petroleum data are due to be released at 10:30 am ET, and the Atlanta Federal Reserve is expected to update its GDP nowcast estimate around midday. Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ended Oct. 30 despite a further drop in mortgage rates. A quick summary of foreign exchange activity heading into Wednesday: EUR/USD rose to 1.1254 from 1.1192 at the Tuesday US close and 1.1179 at the same time Tuesday morning. Eurozone consumer prices rose as expected in October, lifting the year-over-year rate, but the year-over-year rate for core prices remained in line with the previous month. Also released earlier Wednesday, Eurozone services PMI declined in October, but remained above the breakeven point. The next European Central Bank meeting is scheduled for Dec. 17. GBP/USD rose to 1.3482 from 1.3415 at the Tuesday US close and 1.3409 at the same time Tuesday morning. UK services PMI rose further above the breakeven point in October, according to data released earlier Wednesday. The next Bank of England meeting is scheduled for Thursday, when a 25-basis point rate increase is expected. USD/JPY fell to 158.3553 from 158.7202 at the Tuesday US close but was above a level of 158.2271 at the same time Tuesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for December 17-18. USD/CAD fell to 1.3952 from 1.4010 at the Tuesday US close and 1.3978 at the same time Tuesday morning. Canadian trade data for September are due to be released at 9:30 am ET, followed by Canadian services PMI for October at 10:30 am ET. The next Bank of Canada meeting is scheduled for Dec. 9.