07:43 AM EDT, 06/09/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Monday ahead of a relatively light data schedule, allowing the focus to shift to inflation data for May later in the week.

Federal Reserve officials are in their 'quiet period' ahead of the next Federal Open Market Committee meeting on June 17-18.

Wholesale inventories data for May are due at 10:00 am ET Monday, followed by the New York Fed's inflation expectations report for May at 11:00 am ET. The Atlanta Fed is expected to update its gross domestic product Nowcast reading for Q2 around midday.

Tuesday's highlights include business sentiment data for May and weekly Redbook same-store sales.

The highlight of the week, consumer price index data for May, is due to be released Wednesday along with weekly mortgage applications, oil stocks inventory data and Treasury budget data for May.

Thursday's highlights include weekly jobless claims, natural gas stocks inventory data and data on producer prices for May.

The preliminary University of Michigan consumer sentiment reading for June is due Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.1421 from 1.1396 at the Friday US close and 1.1420 at the same time Friday morning. There are no Eurozone data on Monday's schedule. The next European Central Bank meeting is scheduled for July 24.

GBP/USD rose to 1.3560 from 1.3529 at the Friday US close and 1.3542 at the same time Friday morning. UK same-store sales data for May are due to be released at 7:01 pm ET this evening. The next Bank of England meeting is scheduled for June 19.

USD/JPY fell to 144.2661 from 144.8172 at the Friday US close but was above a level of 144.1312 at the same time Friday morning. Japanese Q1 GDP was flat according to data release overnight, while Japanese services business confidence improved in May. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD fell to 1.3674 from 1.3696 at the Friday US close and 1.3684 at the same time Friday morning. There are no Canadian data on Monday's schedule. The next Bank of Canada meeting is scheduled for July 30.