07:52 AM EST, 01/06/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Monday, to start a return to a more normal schedule after two holiday weeks.

Monday starts with a speech by Federal Governor Lisa Cook at 9:15 am ET. S&P Global services' purchasing managers' index for December is due to be released at 9:45 am ET, followed by factory orders data for November at 10:00 am ET.

Fed Governor Adriana Kugler said on Saturday that the Federal Open Market Committee's efforts at fighting inflation are not yet done, while San Francisco Fed President Mary Daly said inflation remains "uncomfortably" above target, suggesting that the FOMC may take a more cautious approach to rate reductions in 2025.

Highlights on Tuesday include the Institute for Supply Management's services reading for December, and job openings and hiring data for November.

ADP private payrolls data for December and the minutes of the Dec. 17-18 Federal Open Market Committee meeting are the key events Wednesday.

Thursday's schedule includes Challenger layoff intentions and weekly jobless claims, leading to the release of the December employment report Friday. That report will incorporate annual revisions to the household survey, including the unemployment rate.

Thursday is a National Day of Mourning for the funeral of former US President James Carter, so some events may be rescheduled.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.0422 from 1.0307 at the Friday US close and 1.0296 at the same time Friday morning. Eurozone services PMI rose more than expected in December to return to expansion, but investor confidence slipped modestly in January to a larger negative, according to data released earlier Monday. The next European Central Bank meeting is scheduled for Jan. 30.

GBP/USD rose to 1.2542 from 1.2425 at the Friday US close and 1.2509 at the same time Friday morning. UK services PMI rose less than expected in December but still indicate a faster pace of expansion, while UK car registrations declined in the same month, data released earlier Monday showed. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY fell to 157.0751 from 157.3612 at the Friday US close and 157.1030 at the same time Friday morning. Japanese services PMI rose less than expected in December but still pointed to a modest expansion. The next Bank of Japan meeting is scheduled for Jan. 23-24.

USD/CAD fell to 1.4314 from 1.4444 at the Friday US close and 1.4400 at the same time Friday morning. There are no Canadian data on Monday's schedule. The next Bank of Canada meeting is scheduled for Jan. 29.