07:48 AM EDT, 08/12/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Monday, except for further improvement versus the yen, ahead of a busy week of data releases that include key monthly readings on inflation and retail sales.
The week starts out light Monday with only the New York Federal Reserve's inflation expectations report for July at 11:00 am ET and the US Treasury's monthly budget statement for July at 2:00 pm ET.
Highlights for Tuesday include business sentiment, producer prices, and weekly Redbook same store sales.
The consumer price index for July is scheduled to be released Wednesday and will be important for Fed watchers who are shifting their focus toward more rate reductions for the remainder of the year than previously expected.
Thursday will be the busiest day of the week, with data on weekly jobless claims, retail sales, import prices, manufacturing sentiment, industrial production, business inventories, home builders' sentiment and natural gas stock.
Friday ends the week with data on housing starts, consumer sentiment and state-level unemployment.
A quick summary of foreign exchange activity heading into Monday:
EUR/USD rose to 1.0928 from 1.0917 at the Friday US close and 1.0919 at the same time Friday morning. There are no Eurozone data on Monday's schedule. The next European Central Bank meeting is scheduled for Sept. 12.
GBP/USD rose to 1.2764 from 1.2761 at the Friday US close and 1.2744 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for Sept. 19.
USD/JPY rose to 147.4834 from 146.6342 at the Friday US close and 147.0463 at the same time Friday morning. Monday is a holiday in Japan, so there were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Sept. 19-20.
USD/CAD fell to 1.3723 from 1.3729 at the Friday US close and 1.3743 at the same time Friday morning. Canada building permits data for June are scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 4.