07:55 AM EST, 12/09/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Monday, except for a gain versus the yen, as markets now focus on data releases, particularly inflation data, in the absence of comments from Federal Reserve officials who are in their 'quiet period' ahead of the Dec. 17-18 Federal Open Market Committee meeting.

Monday's schedule is light, with wholesale trade data for October after 10:00 am ET, the New York Fed's consumer expectations survey for November at 11:00 am ET and an update to the Atlanta Fed's gross domestic product Nowcast estimate for Q4 around midday.

Highlights Tuesday include the National Federation of Independent Businesses' small business confidence survey for November, and revised productivity and unit labor cost data for Q3.

Consumer price data for November and weekly mortgage applications and petroleum stocks are the main releases Wednesday.

Producer price data for November and weekly jobless claims and natural gas stocks are due Thursday, followed by import price data Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.0570 from 1.0565 at the Friday US close but was below a level of 1.0584 at the same time Friday morning. Eurozone investor confidence declined more than expected in December, according to data released earlier Monday. The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected.

GBP/USD rose to 1.2766 from 1.2739 at the Friday US close but was below a level of 1.2770 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY rose to 150.5501 from 149.9702 at the Friday US close and 150.4781 at the same time Friday morning. Japanese GDP rose more than expected in Q3 but was slower than the gain in the previous quarter, while Japanese services business sentiment increased in November, according to data released overnight. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD fell to 1.4129 from 1.4156 at the Friday US close but was above a level of 1.4053 at the same time Friday morning. There are no Canadian data on Monday's schedule. The next Bank of Canada meeting is scheduled for Wednesday, when a 50 basis point rate reduction is expected.