07:47 AM EDT, 03/25/2024 (MT Newswires) -- The US dollar declined against its major trading partners early Monday ahead of the release of the Chicago Federal Reserve's National Activity Index for February at 8:30 am ET, new home sales for February at 10:00 am ET and the Dallas Fed's monthly manufacturing index for March at 10:30 am ET.

Atlanta Fed President Raphael Bostic, a voter on the Federal Open Market Committee this year, is scheduled to speak at 8:25 am ET, followed by an appearance by Fed Governor Lisa Cook at 10:30 am ET. On Friday, Bostic said that he now expects only one rate cut this year, compared with two previously, due to a later start to rate reductions this year.

The highlights of Tuesday's busy data schedule include durable goods orders, nonmanufacturing data from the Philadelphia, Richmond and Dallas Fed banks, and consumer confidence.

In contrast, Wednesday's schedule will be relatively quiet, featuring only weekly mortgage applications and energy stocks data.

The final estimate of Q4 gross domestic product will be released on Thursday, as will weekly initial jobless claims and the final reading of the University of Michigan Consumer Sentiment Index for March.

Friday's scheduled release of personal income, spending and price data, the advance trade report and appearance by Federal Reserve Chairman Jerome Powell finish off the week. Markets will be closed for the Good Friday holiday.

A quick summary of foreign exchange activity heading into Monday:

EUR-USD rose to 1.0818 from 1.0808 at the Friday US close but was below a 1.0821 level at the same time Friday morning. There are no Eurozone data on Monday's schedule. The next European Central Bank meeting is scheduled for April 11.

GBP-USD rose to 1.2627 from 1.2595 at the Friday US close and 1.2587 at the same time Friday morning. UK retail sector conditions improved in March, according to data released earlier Monday. Bank of England policy board member Catherine Mann is scheduled to speak at 10:15 am ET. The next BoE meeting is scheduled for May 9.

USD-JPY fell to 151.3041 from 151.3713 at the Friday US close and 151.5221 at the same time Friday morning. Japanese leading indicators declined in January, data released overnight showed. The next Bank of Japan meeting is scheduled for April 25-26.

USD-CAD fell to 1.3590 from 1.3598 at the Friday US close but was above a level of 1.3582 at the same time Friday morning. Canada manufacturing sales for February are scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is set for April 10.