07:34 AM EST, 01/14/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday, except for an increase versus the yen, before a busy day of economic data releases and appearances by Federal Reserve officials.

Producer price data for December are due to be released at 8:30 am ET, at the same time as annual revisions to the Philadelphia Fed's nonmanufacturing index.

Redbook same-store sales are due to be released at 8:55 am ET, followed by RealClearMarkets consumer sentiment data for January at 10:00 am ET and the Treasury's budget statement for December at 2:00 pm ET.

Earlier Tuesday, the National Federation of Independent Business said small business optimism surged in December to its highest point since October 2018, lifted by a much-improved economic outlook due to the change in the administration, according to NFIB.

Kansas City Fed President Jeffrey Schmid is due to speak at 10:00 am ET, followed by New York Fed President John Williams at 3:05 pm ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD rose to 1.0255 from 1.0217 at the Monday US close and 1.0196 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule. European Central Bank chief economist Philip Lane said overnight that the ECB needs to be careful not to cut its policy rate too slowly or too quickly. The next European Central Bank meeting is scheduled for Jan. 30.

GBP/USD rose to 1.2178 from 1.2176 at the Monday US close and 1.2112 at the same time Monday morning. There are no UK data on Tuesday's schedule. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY rose to 158.0780 from 157.6499 at the Monday US close and 157.3257 at the same time Monday morning. The Japanese current account surplus widened in November while Japanese business sentiment improved modestly in the same month, according to data released overnight. The next Bank of Japan meeting is scheduled for Jan. 23-24.

USD/CAD fell to 1.4389 from 1.4399 at the Monday US close and 1.4430 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for Jan. 29.