07:44 AM EDT, 03/16/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Monday as attention turned to the outcome of the two-day Federal Open Market Committee meeting concluding Wednesday, where a 99.1% chance of no reduction in the current 3.50% to 3.75% federal funds rate is being priced in.

Monday's highlights include the New York Federal Reserve's Empire State reading for March at 8:30 am ET, followed by industrial production data for February at 9:15 am ET and the National Association of Home Builders' builder sentiment index for March at 10:00 am ET.

The New York Fed's services reading for March, weekly Redbook same-store sales and pending home sales data for February are due to be released Tuesday.

Prior to the FOMC meeting, Wednesday's highlights include producer price data for February, factory orders data for January and weekly petroleum stocks inventory and mortgage applications data.

Thursday's highlights include weekly jobless claims, the Philadelphia Fed's manufacturing index for March and wholesale inventories and new home sales data for January.

Friday's schedule is light, with only the St. Louis Fed's gross domestic product Nowcast reading for Q1 due to be released. Fed Chair Jerome Powell is due to speak Saturday at an award presentation.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.1473 from 1.1417 at the Friday US close and 1.1456 at the same time Friday morning. There are no Eurozone data on Monday's schedule. The next European Central Bank meeting is scheduled for Thursday, when no change in the target rate is expected.

GBP/USD rose to 1.3272 from 1.3222 at the Friday US close and 1.3259 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 target rate is expected.

USD/JPY fell to 159.2321 from 159.6782 at the Friday US close and 159.4241 at the same time Friday morning. There were no Japanese data released overnight. The Bank of Japan is expected to maintain its target rate at its meeting this week, with the results due to be released Wednesday evening US time.

USD/CAD fell to 1.3684 from 1.3731 at the Friday US close but was above a level of 1.3671 at the same time Friday morning. Canadian housing starts data for February are due to be released at 8:15 am ET, followed by Canadian consumer price index data for February and Canadian vehicle price data for January, all at 8:30 am ET. The next Bank of Canada meeting is scheduled for Wednesday, when the BoC is expected to maintain its target rate.