07:52 AM EDT, 10/01/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday ahead of a busy day of economic releases, starting with weekly Redbook same store sales at 8:55 am ET.

The S&P Global manufacturing index for September is due for release at 9:45 am ET, followed by the Institute for Supply Management's manufacturing reading for September, and construction spending and job openings data for August, all at 10:00 am ET.

The Dallas Federal Reserve Bank's nonmanufacturing estimate for September is due at 10:30 am ET and the Atlanta Fed is expected to update is gross domestic product Nowcast estimate for Q3 around midday.

Atlanta Fed President Raphael Bostic is schedule to appear along with Fed Governor Lisa Cook at 11:00 am ET, and again with Richmond Fed President Tom Barkin and Boston Fed President Susan Collins at 6:15 pm ET.

Fed Chair Jerome Powell's comments Monday suggested the Federal Open Market Committee is not on a certain path to another 50 basis point rate cut at its Nov. 6-7 meeting. Powell said that he could see two 25 basis point rate cuts at the remaining two meetings for this year if the economy evolves as expected.

A strike by the International Longshoremen's Association began overnight, shutting down ports from Maine to Texas while demanding significant pay raises and protections against automation. The affected ports handle about 57% of US container volume and could have a large impact on supply chains ahead of the US presidential election and heading into the holiday season.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.1094 from 1.1133 at the Monday US close and 1.1191 at the same time Monday morning. The Eurozone manufacturing purchasing managers' index declined in September, indicating a faster pace of contraction, while Eurozone consumer prices declined slightly in September, pushing down the year-over-year rate, according to data released earlier Tuesday. European Central Bank policy board member Isabel Schnabel is due to speak at 11:30 am ET. The next European Central Bank meeting is scheduled for Oct. 17.

GBP/USD fell to 1.3329 from 1.3371 at the Monday US close and 1.3409 at the same time Monday morning. UK manufacturing PMI declined as expected in September, but still indicated modest expansion, data released earlier Tuesday showed. Bank of England Chief Economist Huw Pill is set to speak at 10:00 am ET. The next Bank of England meeting is scheduled for Nov. 7.

USD/JPY rose to 143.7270 from 143.7260 at the Monday US close and 142.5293 at the same time Monday morning. Japanese manufacturing PMI fell slightly in September, indicating modest contraction, while the Japanese unemployment rate slipped in August, data released overnight showed. The next Bank of Japan meeting is scheduled for Oct. 30-31.

USD/CAD rose to 1.3525 from 1.3523 at the Monday US close and 1.3522 at the same time Monday morning. Canadian manufacturing PMI data for September are set to be released at 9:30 am ET. The next Bank of Canada meeting is scheduled for Oct. 23.