07:57 AM EDT, 06/03/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Monday, except for a decline versus the yen, ahead of the release of manufacturing data for May from S&P Global at 9:45 am ET and from the Institute for Supply Management at 10:00 am ET.

Construction spending data for April is also due to be released at 10:00 am ET, followed by an update to the Atlanta Federal Reserve's GDP nowcast estimate for Q2 around midday.

Highlights on Tuesday include factory orders, consumer sentiment, and job openings and hiring.

ADP private payrolls and services readings from S&P Global and ISM are due on Wednesday, along with weekly petroleum stocks.

Thursday highlights include Challenger monthly layoffs, weekly jobless claims, revised productivity and weekly natural gas stocks.

The main event of the week, May's employment report, is due to be released on Friday, followed by wholesale inventories and consumer credit usage data.

The quiet period for the Federal Open Market Committee continues through the June 11-12 meeting.

A quick summary of foreign exchange activity heading into Monday:

EUR-USD fell to 1.0839 from 1.0850 at the Friday US close and 1.0855 at the same time Friday morning. Eurozone manufacturing PMI improved in May but remained below the breakeven point that indicates contraction, according to data released earlier Monday. The next European Central Bank meeting is scheduled for Thursday when a 25-basis point reduction in the target rate is expected.

GBP-USD fell to 1.2721 from 1.2746 at the Friday US close and 1.2726 at the same time Friday morning. UK manufacturing PMI rose back above the breakeven point in May, according to data released earlier Monday. The next Bank of England meeting is scheduled for June 20.

USD-JPY fell to 156.7391 from 157.2870 at the Friday US close and 157.1553 at the same time Friday morning. Japanese manufacturing PMI declined slightly in May but remained above the breakeven point, data released overnight showed. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD rose to 1.3647 from 1.3624 at the Friday US close and 1.3633 at the same time Friday morning. Canadian manufacturing PMI data for May are scheduled to be released at 9:30 am ET. The next Bank of Canada meeting is set for Wednesday. A 25-basis point rate reduction is expected.