US Dollar Rises Early Wednesday Ahead of Busy Data Schedule, FOMC Meeting

07:32 AM EDT, 09/16/2026 (MT Newswires) -- The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, ahead of a busy day that starts with key data releases in the morning and the Federal Open Market Committee's meeting announcement in the afternoon. Retail sales and import and export price data for August and the New York Federal Reserve's services reading for September are all due to be released at 8:30 am ET. Business inventories data for July and the NAHB's builder sentiment reading for September are due to be released at 10:00 am ET. Weekly oil stocks data are scheduled to be released at 10:30 am, the Atlanta Fed is due to update its GDP nowcast estimate around midday and the US Treasury's TICS report for July is due at 4:00 pm ET. The FOMC is widely expected to raise its target rate by 25-basis points to a range of 3.75% to 4.00% when its post-meeting statement is released at 2:00 pm ET. The CME's FedWatch tool currently shows a 92.7% chance being priced in for the rate increase compared with only a 7.3% chance of no change from the current 3.50% to 3.75% range. A press conference with Fed Chair Kevin Warsh follows at 2:30 pm ET. Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications fell further in the week ended Sept. 11 as mortgage rate rose to their highest level since May 2025. A quick summary of foreign exchange activity heading into Wednesday: EUR/USD fell to 1.1536 from 1.1539 at the Tuesday US close and 1.1538 at the same time Tuesday morning. Eurozone industrial production declined in July while Eurozone labor cost growth slowed in Q2, according to data released overnight. European Central Bank policy board member Frank Elderson is due to speak at 9:00 am ET, followed by ECB President Christine Lagarde at 1:00 pm ET. The next European Central Bank meeting is scheduled for Oct. 29. GBP/USD fell to 1.3463 from 1.3472 at the Tuesday US close and 1.3488 at the same time Tuesday morning. UK consumer price accelerated in August, according to data released overnight. The next Bank of England meeting is scheduled for Thursday, when no change to the target rate is expected. USD/JPY fell to 155.1211 from 155.1362 at the Tuesday US close but was above a level of 154.7833 at the same time Tuesday morning. The Japanese trade deficit widened in August while Japanese core machinery orders declined in July, data released overnight showed. The next Bank of Japan meeting is scheduled for Thursday, when a 25-basis point rate increase is expected. USD/CAD rose to 1.3929 from 1.3921 at the Tuesday US close and 1.3916 at the same time Tuesday morning. Canadian housing starts data for August are due to be released at 8:15 am ET, followed by Canadian building permits data for July at 8:30 am ET. The next Bank of Canada meeting is scheduled for Oct. 28.