07:59 AM EST, 03/03/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Monday, except for a gain versus the yen, to start a busy week of economic data releases that includes President Donald Trump's address to Congress and ends with the February employment report and an appearance by Federal Reserve Chairman Jerome Powell, both on Friday.

Manufacturing data for February from S&P Global and the Institute for Supply Management are due to be released Monday at 9:45 am ET and 10:00 am ET, respectively. Construction data for January are also due to be released at 10:00 am and the Atlanta Fed is expected to update its gross domestic product growth Nowcast estimate for Q1 around midday.

Tuesday's highlights include weekly Redbook same-store sales and consumer sentiment data from RealClearMarkets. President Trump is due to address Congress in the evening.

ADP private payrolls data, services data and the Fed's Beige Book report are due to be released Wednesday.

Thursday's schedule includes Challenger layoffs, weekly jobless claims, revised productivity data, and wholesale inventories.

After the February nonfarm payrolls employment report Friday, there are several scheduled appearances by Federal Reserve officials, highlighted by Powell, before their 'quiet period' begins Saturday. The St. Louis Fed is also due to update its GDP Nowcast estimate Friday, followed by consumer credit data in the afternoon.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.0465 from 1.0374 at the Friday US close and 1.0405 at the same time Friday morning. The Eurozone's manufacturing purchasing managers' index improved in February but still indicated contraction, while Eurozone consumer prices rebounded from a decline in the previous month, data released earlier Monday showed. The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected.

GBP/USD rose to 1.2676 from 1.2580 at the Friday US close and 1.2598 at the same time Friday morning. The UK's manufacturing PMI declined to indicated faster contraction in February while mortgage lending increased in January, according to data released earlier Monday. The next Bank of England meeting is scheduled for March 20.

USD/JPY rose to 151.2441 from 150.5392 at the Friday US close and 150.4501 at the same Friday morning. Japanese manufacturing PMI rose modestly in February but still indicated a contraction in the sector. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD fell to 1.4440 from 1.4466 at the Friday US close but was up from a level of 1.4437 at the same time Friday morning. Canadian manufacturing PMI for February is due to be released at 9:30 am ET. The next Bank of Canada meeting is scheduled for March 12.