07:41 AM EST, 02/11/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday, except for a decline versus the euro, as markets look ahead to testimony from Federal Reserve Chairman Jerome Powell at 10:00 am ET.

Powell's prepared remarks will be followed by questions from Senate Banking Committee members. Powell is scheduled to appear before the House Financial Services Committee at 10:00 am ET Wednesday.

The National Federation of Independent Business reported earlier Tuesday that small business sentiment remains high, but there were signs of increased uncertainty that trimmed hiring and capital outlays plans. Weekly Redbook same-same store sales are due to be released at 8:55 am ET.

New York Fed President John Williams is due to speak at 3:30 pm ET, at the same time as Fed Governor Michelle Bowman.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD rose to 1.0323 from 1.0308 at the Monday US close but was unchanged from a level of 1.0323 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule, but European Central Bank policy board member Isabel Schnabel is due to speak at 12:00 pm ET. The next European Central Bank meeting is scheduled for March 5-6.

GBP/USD fell to 1.2364 from 1.2367 at the Monday US close and 1.2390 at the same time Monday morning. UK same-store retail sales data released overnight showed a larger than expected increase in January. Bank of England policy board member Catherine Mann said earlier Tuesday that she favored a 50 basis point reduction at the BoE's most recent meeting to signal an intention to provide support as uncertainty, particularly from the US, picks up, the Wall Street Journal reported. The next Bank of England meeting is scheduled for March 20.

USD/JPY rose to 152.2795 from 151.9640 at the Monday US close and 152.1961 at the same time Monday morning. There were no Japanese data released overnight due to a holiday. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD rose to 1.4332 from 1.4310 at the Monday US close but was below a level of 1.4343 at the same time Monday morning. Canadian building permits data for December are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for March 12.