07:49 AM EDT, 07/28/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Monday, with the focus during this extremely busy week on the Federal Open Market Committee's meeting, the first look at Q2 gross domestic product data and the July nonfarm payrolls employment report.

Monday's schedule is light, with only the Dallas Federal Reserve's manufacturing reading for July at 10:30 am ET and the Treasury's quarterly borrowing requirements at 3:00 pm ET.

Tuesday's schedule, however, is relatively busy, with advance trade data for June, weekly Redbook same-store sales, home price data for May, job openings and hiring data for June and consumer confidence data for July, just some of the releases.

Wednesday's schedule includes ADP private payroll data for July, the first estimate of Q2 GDP, which will include any tariff impacts, the Treasury's quarterly refunding announcement and the FOMC meeting. Currently there is a 97.4% chance of no change to the 4.25% to 4.50% target rate for the federal funds rate being priced in, according to the CME's Fed Watch tool.

Weekly jobless claims data, personal income, spending and price data for June and the employment cost index for Q2 are highlights due to be released Thursday.

Friday's schedule starts with the July nonfarm payrolls employment report. Manufacturing data for July from S&P Global and the Institute for Supply Management, and the final University of Michigan consumer sentiment reading for July are due to be released later in the day.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD fell to 1.1656 from 1.1740 at the Friday US close and 1.1722 at the same time Friday morning. There are no UK data on Monday's schedule. The next European Central Bank meeting is scheduled for Sept. 11.

GBP/USD fell to 1.3420 from 1.3440 at the Friday US close and 1.3441 at the same time Friday morning. UK retail sales conditions improved in July but are still negative, data released earlier Monday showed. The next Bank of England meeting is scheduled for Aug. 7.

USD/JPY rose to 148.3921 from 147.6492 at the Friday US close and 147.8721 at the same time Friday morning. There were no Japanese data released overnight. The Bank of Japan is expected to leave its policy rate unchanged at its meeting this week, with results expected to be reported late Wednesday evening US time.

USD/CAD rose to 1.3727 from 1.3709 at the Friday US close and 1.3678 at the same time Friday morning. Canadian wholesale data for June are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Wednesday, when no change in its policy rate is expected.