07:40 AM EDT, 08/06/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday ahead of the release of international trade data for June at 8:30 am ET and weekly Redbook same store sales at 8:55 am ET.

Consumer sentiment data for August follows at 10:00 am ET and the Atlanta Federal Reserve is expected to release an update to its Q3 gross domestic product Nowcast estimate around midday.

On Monday, San Franciso Fed President Mary Daly and Chicago Fed President Austan Goolsbee both acknowledged the weakness in the July employment report released on Aug. 2 but said the data are not a cause for alarm. Goolsbee added that the Fed's dual mandate is to maximize employment and stabilize prices, not to react to market fluctuations.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD fell to 1.0910 from 1.0958 at the Monday US close and 1.0943 at the same time Monday morning. Eurozone retail sales declined unexpectedly in June, pulling down the year-over-year rate, while the Eurozone construction purchasing managers' index fell further below the breakeven point in July, according to data released earlier Tuesday. The next European Central Bank meeting is scheduled for Sept. 12.

GBP/USD fell to 1.2699 from 1.2771 at the Monday US close and 1.2758 at the same time Monday morning. UK construction PMI rose more than expected in July according to data released earlier Tuesday. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY rose to 145.1310 from 143.7411 at the Monday US close and 142.9080 at the same time Monday morning. Japanese household spending rose less than expected in June while wage income accelerated faster than forecast, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD rose to 1.3839 from 1.3826 at the Monday US close but was below a level of 1.3862 at the same time Monday morning. Canadian leading indicators data for July are due for release at 8:00 am ET, followed by Canadian trade data for June at 8:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 4.