08:06 AM EDT, 09/15/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Monday as the focus turns to the Federal Open Market Committee's two-date rate policy setting meeting, which concludes Wednesday.

Monday's schedule is light, with only the New York Federal Reserve's Empire State manufacturing survey for September at 8:30 am ET.

Tuesday's highlights include retail sales, import and export price and industrial production data, all for August, and the National Association of Home Builders sentiment index for September.

Home building data for August and weekly petroleum stocks will be released Wednesday morning, prior to the statement at the conclusion of the FOMC's meeting Wednesday afternoon. A 25 basis point rate reduction is widely expected, with the CME FedWatch tool currently showing a 96.2% chance of a reduction to a range of a 4.00% to 4.25% from the current 4.25%-4.50% being priced in.

Thursday's highlights include weekly jobless claims, the Philadelphia Fed's manufacturing reading for September and leading indicators data for August.

State-level unemployment and payrolls data are due to be released Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.1754 from 1.1730 at the Friday US close and 1.1732 at the same time Friday morning. The Eurozone trade balance widened in July, according to data released earlier Monday, while European Central Bank President Christine Lagarde is due to speak at 2:30 pm ET. The next European Central Bank meeting is scheduled for Oct. 30.

GBP/USD rose to 1.3612 from 1.3559 at the Friday US close and 1.3554 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for Thursday, when no change in the key interest rate is expected.

USD/JPY fell to 147.3372 from 147.8962 at the Friday US close and 147.7221 at the same time Friday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for later this week, with the BoJ's post-meeting announcement due to be released Thursday evening US time. No change in the key interest rate is expected.

USD/CAD fell to 1.3821 from 1.3848 at the Friday US close and 1.3840 at the same time Friday morning. Canadian manufacturing, wholesale and motor vehicle sales for July are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Wednesday, while a 25 basis point reduction in its policy rate is expected.