With the exception of a fall vs the yen, the US dollar appreciated against its main trading partners early on Monday as markets got ready for a full week of important economic data, especially reports on retail sales and the consumer price index, ahead of the extended holiday weekend.
The US Treasury’s January budget data is expected to be issued after the New York Federal Reserve’s report on inflation projections for January.
Following Fed Governor Michelle Bowman will be Richmond Fed President Tom Barkin, who is this year’s voter on the Federal Open Market Committee. Neel Kashkari, the president of the Minneapolis Fed, speaks as well; he will vote next in 2026.
The weekly Redbook retail sales, the consumer price index statistics, and the monthly attitude poll from the National Federation of Independent Business are the highlights for Tuesday.
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.
