07:44 AM EDT, 06/16/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Monday as the focus turns to May retail sales data Tuesday and the Federal Open Market Committee's policy statement at the conclusion of its two-day meeting Wednesday, when there is a 99.8% chance of no change in the current 4.25% to 4.50% federal funds rate range being priced into the CME's Fed Watch tool.

Monday's schedule is light, with only the New York Fed's Empire State reading for June at 8:30 am ET.

Tuesday's highlights include retail sales, import and export prices and industrial production, all for May.

Prior to the FOMC's meeting announcement Wednesday, data on home building, weekly jobless claims and oil stocks inventories are due to be released.

After Thursday's US Juneteenth holiday, leading indicators data for May are due to be released Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.1575 from 1.1544 at the Friday US close and 1.1496 at the same time Friday morning. Eurozone wage growth slowed in Q1 according to data released earlier Monday. The next European Central Bank meeting is scheduled for July 24.

GBP/USD rose to 1.3579 from 1.3564 at the Friday US close and 1.3527 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 interest rates is expected.

USD/JPY fell to 144.0021 from 144.0342 at the Friday US close and 144.3661 at the same time Friday morning. There were no Japanese data released overnight. The Bank of Japan is expected to hold its policy rate steady in its policy statement due to be released at 10:30 pm ET Monday evening.

USD/CAD fell to 1.3573 from 1.3588 at the Friday US close and 1.3645 at the same time Friday morning. Canadian housing starts for May are due to be released at 8:15 am ET. The next Bank of Canada meeting is scheduled for July 30.