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US Dollar Falls Early Tuesday Ahead of Producer Prices, Redbook

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The US dollar fell against its major trading partners early Tuesday ahead of the release of producer price data for March at 8:30 am ET and weekly Redbook same-store sales at 8:55 am ET.

Chicago Federal Reserve President Austan Goolsbee is due to speak at 9:45 am ET and again at 12:10 am ET, followed by Fed Governor Michael Barr at 12:45 pm ET and Richmond Fed President Tom Barkin and Boston Fed President Susan Collins, both at 1:00 pm ET.

Earlier Tuesday, the National Federation of Independent Business said that business confidence continued to slide in March as oil prices surged.

A quick summary of foreign exchange activity heading into Tuesday:

EUR/USD rose to 1.1800 from 1.1761 at the Monday US close and 1.1699 at the same time Monday morning. There are no Eurozone data on Tuesday's schedule, but European Central Bank policy board member Philip Lane is due to speak at 10:00 am ET and again at 11:30 am ET, followed by ECB President Christine Lagarde at 5:00 pm ET. The next European Central Bank meeting is scheduled for April 30.

GBP/USD rose to 1.3569 from 1.3506 at the Monday US close and 1.3440 at the same time Monday morning. There are no UK data on Tuesday's schedule, but Bank of England Governor Andrew Bailey is due to speak at 12:00 pm ET, followed by BOE policy board member Sarah Breeden at 4:10 pm ET. The next Bank of England meeting is scheduled for April 30.

USD/JPY fell to 158.7698 from 159.3791 at the Monday US close and 159.6980 at the same time Monday morning. Japanese industrial production declined in February, according to data released overnight. The next Bank of Japan meeting is scheduled for April 27-28.

USD/CAD fell to 1.3751 from 1.3788 at the Monday US close and 1.3836 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for April 29.

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