07:55 AM EDT, 06/24/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday ahead of an unusually busy schedule of economic releases and the first day of testimony from Federal Reserve Chairman Jerome Powell before the House Financial Services Committee starting at 10:00 am ET.

The possibility of a ceasefire in the conflict between Israel and Iran has reversed the dollar's advance from the start of the week. Now the attention is on Powell to see if he supports comments from other Fed officials in recent days that a rate reduction is entirely possible at the July 29-30 Federal Open Market Committee meeting.

Current account data for Q1 and the Philadelphia Federal Reserve's nonmanufacturing index for June are due at 8:30 am ET, followed by weekly Redbook same-store sales data at 8:55 am ET and home price data for April at 9:00 am ET.

In addition to Powell's testimony, conditions data for June from the Richmond Fed, state-level unemployment data for May and consumer confidence data for June are also due to be released at 10:00 am ET.

New York Fed Governor John Williams is due to speak at 12:30 pm ET, followed by Boston Fed Governor Susan Collins at 2:05 pm ET and Fed Governor Michael Barr at 4:00 pm ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD rose to 1.1598 from 1.1578 at the Monday US close and 1.1463 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule, but European Central Bank President Christine Lagarde is due to speak at 9:00 am ET, followed by ECB policy board member Philip Lane at 9:55 am ET. The next European Central Bank meeting is scheduled for July 24.

GBP/USD rose to 1.3609 from 1.3527 at the Monday US close and 1.3380 at the same time Monday morning. UK manufacturing activity expectations remained negative in June according to data released earlier Tuesday. Bank of England Deputy Governor David Ramsden is due to speak at 9:35 am ET, followed by BoE Governor Andrew Bailey at 10:00 am ET, BoE policy board member Huw Pill at 11:40 am ET and BoE policy board member Sarah Breeden at 11:50 am ET. The next Bank of England meeting is scheduled for Aug. 7.

USD/JPY fell to 145.0338 from 146.1463 at the Monday US close and 147.9599 at the same time Monday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD fell to 1.3714 from 1.3735 at the Monday US close and 1.3787 at the same time Monday morning. Canadian consumer price data and manufacturing sales data, all for May, are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 30.