07:50 AM EDT, 06/02/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Monday ahead of the release of manufacturing data for May from S&P Global at 9:45 am ET and from ISM at 10:00 am ET. Construction spending data for April is also scheduled for 10:00 am.

The Atlanta Federal Reserve Bank is expected to update its GDP nowcast estimate for Q2 around midday.

Dallas Fed President Lorie Logan is scheduled to speak at 10:15 am ET, followed by Chicago Fed President Austan Goolsbee at 12:45 pm ET and Fed Chairman Jerome Powell at 1:00 pm ET.

Tuesday's highlights include data on weekly Redbook same-store sales, factory orders, consumer sentiment, and job openings and hiring.

ADP private payrolls data are due on Wednesday, along with monthly services data and the Fed's Beige Book report.

Thursday's highlights include Challenger layoffs data, weekly jobless claims, revised Q1 productivity data, and weekly natural gas stocks.

The May employment report is due to be released on Friday morning, the last key release before Federal Open Market Committee members enter the quiet period ahead of the June 17-18 FOMC meeting.

A quick summary of foreign exchange activity heading into Monday

EUR/USD rose to 1.1420 from 1.1355 at the Friday US close and 1.1329 at the same time Friday morning. Eurozone manufacturing PMI improved in May but still pointed to modest contraction in the sector, according to data released overnight. European Central Bank President Christine Lagarde is due to speak at 12:30 pm ET. The next European Central Bank meeting is scheduled for Thursday, when a 25-basis point rate reduction is expected.

GBP/USD rose to 1.3537 from 1.3463 at the Friday US close and 1.3454 at the same time Friday morning. UK manufacturing PMI rose modestly in May but still points to contraction, while UK home prices rebounded in May after an April decline, according to data released overnight. Bank of England policy board member Catherine Mann is due to speak at 10:00 am ET and again at 5:30 pm ET. The next Bank of England meeting is scheduled for June 19.

USD/JPY fell to 142.6645 from 144.1064 at the Friday US close and 143.9824 at the same time Friday morning. Japan manufacturing PMI rose in May, according to data released overnight, but still indicated a slight contraction. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD fell to 1.3702 from 1.3724 at the Friday US close and 1.3811 at the same time Friday morning. Canadian manufacturing PMI for May is due to be released at 9:30 am ET. The next Bank of Canada meeting is scheduled for Wednesday, when a 25-basis point rate reduction is expected.