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US Dollar Falls Early Monday, Focus on Industrial Production, FOMC Minutes This Week

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The US dollar fell against its major trading partners early Monday, with the focus this week on July industrial production data and the minutes of the July 28-29 Federal Open Market Committee meeting.

Empire State manufacturing data for August are due to be released at 8:30 am ET, followed by the NAHB's home builders' sentiment report for August at 10:00 am ET and the US Treasury's TICS data for June at 4:00 pm ET.

In addition to industrial production, data on housing starts, import and export prices, services from the New York Federal Reserve district, and pending home data will also be released on Tuesday.

Weekly mortgage applications and oil stocks data are due to be released on Wednesday before the FOMC minutes are published in the afternoon.

Weekly jobless claims data, manufacturing data from the Philadelphia Fed, and leading indicators data are the highlights on Thursday.

The S&P Global flash estimates of manufacturing and services conditions are due to be released on Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose to 1.1591 from 1.1568 at the Friday US close and 1.1558 at the same time Friday morning. There are no Eurozone data on Monday's schedule. The next European Central Bank meeting is scheduled for Sept. 10.

GBP/USD rose to 1.3553 from 1.3534 at the Friday US close and 1.3535 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for Sept. 17.

USD/JPY fell to 159.2295 from 159.3727 at the Friday US close but was above a level of 159.1510 at the same time Friday morning. Japanese GDP growth slowed in Q2, lowering the year-over-year rate, and Japanese industrial production rose more than expected in June, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 17-18.

USD/CAD fell to 1.3861 from 1.3877 at the Friday US close and 1.3885 at the same time Friday morning. Canadian consumer price data for July and foreign securities purchases for June are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 2.

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