07:47 AM EDT, 05/14/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday, except for an increase versus the yen, before the release of producer price data for April at 8:30 am ET and an appearance by Federal Reserve Chairman Jerome Powell at 10:00 am ET.

Powell's appearance comes a day before the release of more vital consumer price data, but markets will still be focused on anything that Powell may say regarding the economy, inflation, and monetary policy.

In addition, weekly Redbook same store sales are due at 8:55 am ET, followed by an appearance by Fed Governor Lisa Cook at 9:10 am ET and annual revisions to factory orders data at 10:00 am ET.

Earlier Tuesday, the National Federation of Independent Business reported that small business confidence improved in April after a March decline, but inflation remains a top concern. Rising costs, particularly for staffing, and economic uncertainty are also weighing on business sentiment, NFIB said.

A quick summary of foreign exchange activity heading into Tuesday:

EUR-USD rose to 1.0797 from 1.0788 at the Monday US close and 1.0782 at the same time Monday morning. Eurozone economic sentiment improved modestly in May according to the ZEW survey released earlier Tuesday. European Central Bank policy board member Isabel Schnabel is schedule to speak at 9:15 am ET. The next European Central Bank meeting is scheduled for June 6.

GBP-USD rose to 1.2556 from 1.2554 at the Monday US close and 1.2538 at the same time Monday morning. UK employment declined in March from three months earlier and the unemployment rate rose, while jobless claims rebounded in April, data released overnight showed. Bank of England policy board member Huw Pill, speaking after the data was released, said there is more work to do on inflation but that it was possible that the BoE could still consider rate cuts in the summer, according to Reuters. The next Bank of England meeting is scheduled for June 20.

USD-JPY rose to 156.4439 from 156.2295 at the Monday US close and 155.8798 at the same time Monday morning. Japanese producer prices rose modestly in April, keeping the year-over-rate in line with the previous month, data release overnight showed. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD fell to 1.3667 from 1.3671 at the Monday US close and 1.3675 at the same time Monday morning. Canadian wholesale sales for March are set to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 5.