07:46 AM EST, 12/10/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday ahead of the release of revised productivity data for Q3 at 8:30 am ET and weekly Redbook same-store sales at 8:55 am ET.

Earlier Tuesday, the National Federation of Independent Business reported that small business confidence surged to a 3-1/2 year high in November and business uncertainty declined, which NFIB attributed to the election results. Expectations for future economic conditions were positive for the first time since November 2020.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.0525 from 1.0551 at the Monday US close and 1.0567 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule. The next European Central Bank meeting is scheduled for Thursday, when a 25 basis point rate reduction is expected.

GBP/USD fell to 1.2746 from 1.2748 at the Monday US close and 1.2767 at the same time Monday morning. There are no UK data on Tuesday's schedule. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY rose to 151.6335 from 151.1887 at the Monday US close and 150.6306 at the same time Monday morning. Japanese machine tool orders year-over-year growth slowed in November, according to data released overnight. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD rose to 1.4172 from 1.4168 at the Monday US close and 1.4130 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for Wednesday, when a 50 basis point rate reduction is expected.