07:38 AM EST, 11/12/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday ahead of the release of the RealClearMarkets/TIPP consumer sentiment reading, the first for November, at 10:00 am ET and the New York Federal Reserve's inflation expectations report for October at 11:00 am ET.

Earlier Tuesday, the National Federation of Independent Business reported that small business sentiment improved in October, reflecting improvements in almost all of the index components. However, the two biggest gains were in the outlooks for economic improvement and sales, both of which still indicated more pessimism than optimism and the uncertainty index rose to its highest level on record.

Fed officials are back on the speaking circuit Tuesday, starting with Fed Governor Christopher Waller at 10:00 am ET and followed by Richmond Fed President Tom Barkin at 10:15 am ET.

Minneapolis Fed President Neel Kashkari is set to speak at 2:00 pm ET and later, Philadelphia Fed President Patrick Harker has an appearance at 5:00 pm ET. Barkin has another second appearance at 5:30 pm ET.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.0615 from 1.0656 at the Monday US close and 1.0663 at the same time Monday morning. Eurozone economic sentiment fell unexpectedly in November according to data released earlier Tuesday. The next European Central Bank meeting is scheduled for Dec. 12.

GBP/USD fell to 1.2822 from 1.2867 at the Monday US close and 1.2888 at the same time Monday morning. UK earnings growth accelerated in September while jobless claims and the unemployment rate both increased in the same month. Bank of England Chief Economist Huw Pill said that the data show UK inflation pressures remain elevated, according to Reuters. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY rose to 154.1468 from 153.6439 at the Monday US close and 153.7907 at the same time Monday morning. Japanese machine tool orders accelerated in October according to data released overnight. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD rose to 1.3954 from 1.3926 at the Monday US close and 1.3930 at the same time Monday morning. Canada building permits data for September are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Dec. 11.