07:44 AM EDT, 04/30/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday, except for a decline versus the euro, ahead of a very busy data schedule that starts with employment cost data for Q1 at 8:30 am ET.

Weekly Redbook same store sales are set to be released at 8:55 am ET, followed by home price data for February at 9:00 am ET and the Chicago purchasing managers' index reading for April at 9:45 am ET.

Consumer confidence data for April is due at 10:00 am ET, with the Dallas Federal Reserve's nonmanufacturing reading finishing off the day at 10:30 am ET.

The policy setting Federal Open Market Committee begins its two-day meeting Tuesday. The CME FedWatch Tool currently sees a 97.3% chance of no change to the current 5.25% to 5.50% range for the federal funds rate and a 2.7% chance of a 25 basis point reduction to 5.00% to 5.25%.

Fed officials remain in their 'quiet period' until Friday.

A quick summary of foreign exchange activity heading into Tuesday:

EUR-USD rose to 1.0724 from 1.0721 at the Monday US close and 1.0718 at the same time Monday morning. Eurozone gross domestic product growth rebounded in Q1 after a dip in the previous quarter while Eurozone consumer price index growth slowed modestly in April, data released earlier Tuesday showed. The next European Central Bank meeting is scheduled for June 6.

GBP-USD fell to 1.2540 from 1.2562 at the Monday US close but was up from 1.2529 at the same time Monday morning. UK consumer credit accelerated in March, data released overnight showed, with mortgage approvals rising faster than expected. The next Bank of England meeting is scheduled for May 9.

USD-JPY rose to 156.9300 from 156.0925 at the Monday US close and 155.8721 at the same time Monday morning, rebounding from a dip leading into Monday. Japanese industrial production surged in March while Japanese retail sales declined in the same month, data released overnight showed. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD rose to 1.3687 from 1.3661 at the Monday US close and 1.3652 at the same time Monday morning. Canadian GDP for February is scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 5.