07:40 AM EDT, 07/29/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Monday, except for a decline versus the yen, as markets face a busy week that includes the Federal Open Market Committee meeting and the employment report for July.

The week starts out light with the Dallas Federal Reserve's manufacturing reading for July at 10:30 am ET and the US Treasury's borrowing requirements for Q3 at 3:00 pm ET.

Highlights on Tuesday include home price data, consumer confidence and job openings.

Wednesday's busy schedule starts with ADP private payrolls, employment costs and the Treasury's quarterly refunding and ends with the FOMC's meeting announcement and Fed Chairman Jerome Powell's press conference.

The CME FedWatch tool currently shows a 95.9% chance of no change in the current 5.25% to 5.50% target range for the federal funds rate being priced in and a 4.1% chance of a 25 basis point reduction to a range of 5% to 5.25%.

Thursday's highlights include Challenger job layoffs, weekly jobless claims, the first look at Q3 productivity, and manufacturing data from S&P Global and the Institute for Supply Management.

The July employment report will be the highlight Friday, with early expectations looking for a slower pace of employment growth and no change in the unemployment rate.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD fell to 1.0834 from 1.0856 at the Friday US close and 1.0857 at the same time Friday morning. There are no Eurozone data on Monday's calendar. The next European Central Bank meeting is scheduled for Sept. 12.

GBP/USD fell to 1.2844 from 1.2872 at the Friday US close and 1.2873 at the same time Friday morning. UK consumer credit usage slowed in June, according to data released earlier Monday. The next Bank of England meeting is scheduled for Thursday when the BoE is expected to lower interest rates by 25 basis points.

USD/JPY fell to 153.7211 from 153.7802 at the Friday US close and 154.6823 at the same time Friday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Tuesday evening US time when the BoJ is expected to hold rates steady.

USD/CAD rose to 1.3841 from 1.3831 at the Friday US close and 1.3816 at the same time Friday morning. There are no Canadian data on Monday's schedule. The next Bank of Canada meeting is scheduled for Sept. 4.