US Dollar Rises Ahead of Economic Data

The US dollar rose against its major trading partners early Monday, except for a decline against the yen, as markets prepare for a busy week of key economic data, particularly consumer price index and retail sales reports, before the long holiday weekend.

The New York Federal Reserve’s inflation expectations report for January is scheduled to be released followed by the US Treasury’s budget data for January.

Fed Governor Michelle Bowman is set to speak followed by Richmond Fed President Tom Barkin, a voter on the Federal Open Market Committee this year. Minneapolis Fed President Neel Kashkari, who votes next in 2026, also speaks.

Highlights for Tuesday include consumer price index data, weekly Redbook retail sales and the National Federation of Independent Business’ monthly sentiment survey.

Annual revisions to producer price inflation are due to be released Wednesday along with weekly mortgage application data and petroleum stocks. Thursday will be the busiest day for data releases, with retail sales, import and export prices, weekly jobless claims, industrial production, and manufacturing readings from the New York and Philadelphia Fed bank the highlights.

Friday ends the week with data on home building, producer prices and the first look at consumer sentiment for February. A quick summary of foreign exchange activity heading into Monday showed USDEUR fell to 1.0772 from 1.0782 at the Friday US close and 1.0774 at the same time Friday morning.

There are no Eurozone data on Monday’s schedule, but European Central Bank policy board member Philip Lane is schedule to speak at 8:15 am ET. The next ECB meeting is set for March 7.

GBPUSD fell to 1.2610 from 1.2622 at the Friday US close but was up from a level of 1.2604 at the same time Friday morning. There are no UK data on Monday’s schedule. Bank of England Governor Andrew Bailey is expected to speak. The next BoE meeting is set for March 21.

USDJPY fell to 148.9612 from 149.2181 at the Friday US close and 149.4343 at the same time Friday morning. There were no Japanese data released overnight due to the national holiday. The next Bank of Japan meeting is set for March 18-19.

USDCAD rose to 1.3466 from 1.3458 at the Friday US close and 1.3453 at the same time Friday morning. There are no Canadian data on Monday’s schedule. The next Bank of Canada meeting is set for March 6. #US Dollar Rises Ahead of Economic Data#

Alleged Procurement Fraud: EFCC Opens Case Against Emefiele