07:43 AM EDT, 09/16/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday ahead of a very busy day of economic data releases, starting with retail sales and import and export price data for August and the New York Federal Reserve's services reading for September, all at 8:30 am ET.

Weekly Redbook same-store sales are due to be released at 8:55 am ET, followed by industrial production data for August at 9:15 am ET.

Business inventories data for July and the National Association of Home Builders' home builders' index for September are due to be released at 10:00 am ET. The Atlanta Fed is expected to update its gross domestic product Nowcast estimate for Q3 around midday.

The US Senate approved Stephen Miran, one of President Donald Trump's top advisors, to the Federal Reserve Board of Governors late Monday, while an appeals court left in place a lower court's block of Trump's attempt to fire Fed Governor Lisa Cook, allowing both to participate at this week's Federal Open Market Committee meeting, beginning Tuesday and concluding Wednesday.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD rose to 1.1803 from 1.1765 at the Monday US close and 1.1755 at the same time Monday morning. Eurozone economic sentiment improved in September, while industrial production rebounded in July after a decline in the previous month, according to data released earlier Tuesday. The next European Central Bank meeting is scheduled for Oct. 30.

GBP/USD rose to 1.3631 from 1.3609 at the Monday US close and 1.3611 at the same time Monday morning. UK employment growth was stronger than expected in July while the unemployment rate held steady and earnings growth slowed, data released earlier Tuesday showed. The next Bank of England meeting is scheduled for Thursday, when no change in the key interest rate is expected.

USD/JPY fell to 147.0772 from 147.3964 at the Monday US close and 147.3384 at the same time Monday morning. Japanese business services purchase activity slowed in July, according to 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 1.3761 from 1.3770 at the Monday US close and 1.3823 at the same time Monday morning. Canadian housing starts and consumer price data for August are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Wednesday, when a 25 basis point reduction in its policy rate is expected.