07:50 AM EDT, 06/15/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Monday as markets look ahead to the Federal Open Market Committee meeting on Wednesday.

The CME's FedWatch tool shows a 98.6% chance of no change to the current 3.50% to 3.75% target range for the federal funds rate.

On Monday, the Empire State manufacturing index for June is due to be released at 8:30 am ET, followed by industrial production data for May at 9:15 am ET and the NAHB's home builders index for June at 10:00 am ET.

Tuesday's highlights include housing starts and import and export price data for May and the New York Fed's services reading for June.

Retail sales and pending home sales data for May are due to be released on Wednesday before the FOMC meeting.

Thursday's highlights include weekly jobless claims and the Philadelphia Fed's manufacturing reading for May before Friday's Juneteenth holiday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.1612 from 1.1571 at the Friday US close and 1.1574 at the time Friday morning. The Eurozone trade balance turned to a deficit in April while Eurozone industrial production rose less than expected in the same month, according to data released earlier Friday. The next European Central Bank meeting is scheduled for July 23.

GBP/USD rose to 1.3426 from 1.3408 at the Friday US close and 1.3414 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 policy rate is expected.

USD/JPY fell to 160.1511 from 160.2152 at the Friday US close, but was above a level of 160.1183 at the same time Friday morning. The Bank of Japan is expected to raise its policy rate by 25 basis points in its meeting announcement due to be released at 11:00 pm ET. Japanese services purchase activity declined in April, according to data released overnight.

USD/CAD fell to 1.3978 from 1.3983 at the Friday US close and 1.3982 at the same time Friday morning. Canadian housing starts data for May are due to be released at 8:15 am ET, followed by Canadian wholesale and manufacturing data for April and Canadian capacity utilization for Q1 at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 15.