US Dollar Rises Early Monday, Focus This Week on February Nonfarm Payrolls Employment Data

07:54 AM EST, 03/02/2026 (MT Newswires) -- The US dollar rose sharply against its major trading partners early Monday ahead of another busy week of data releases that lead up to February nonfarm payrolls employment data to be released Friday, with military action in Iran over the weekend a key factor in the dollar's jump.

Monday's schedule includes S&P Global manufacturing purchasing managers' index data for February at 9:45 am ET, followed by February Institute for Supply Management manufacturing PMI data at 10:00 am ET and an update to the Atlanta Federal Reserve's gross domestic product Nowcast estimate for Q1 around midday.

Tuesday's highlights include weekly Redbook same-store sales and the first look at March consumer sentiment.

ADP private payrolls, services conditions data and the Fed's Beige Book are due to be released Wednesday.

Thursday's data highlights include weekly jobless claims, the first estimate of Q4 productivity and unit labor costs and import and export prices.

In addition to February employment data, retail sales data for January, business inventories data for December and the Fed's consumer credit report for January are set to be released Friday.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD fell to 1.1739 from 1.1816 at the Friday US close and 1.1801 at the same time Friday morning. The Eurozone's manufacturing PMI rose in February to indicate a return to expansion, according to data released earlier Monday. European Central Bank President Christine Lagarde is due to speak at 9:00 am ET. The next European Central Bank meeting is scheduled for March 19.

GBP/USD fell to 1.3414 from 1.3475 at the Friday US close and 1.3474 at the same time Friday morning. UK manufacturing PMI fell slightly but remained above the breakeven point in February, while UK home prices rose more than expected in the same month and UK consumer credit increased in January. The next Bank of England meeting is scheduled for March 19.

USD/JPY rose to 157.1021 from 156.1562 at the Friday US close and 155.8622 at the same time Friday morning. Japanese manufacturing PMI increased in February to indicate more widespread expansion, according to data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD rose to 1.3660 from 1.3647 at the Friday US close but was below a level of 1.3667 at the same time Friday morning. Bank of Canada Deputy Governor Sharon Kozicki is due to speak at 9:00 am ET, followed by S&P Global Canadian manufacturing PMI for at 9:30 am ET and the Canadian budget balance for December at 11:00 am ET. The next Bank of Canada meeting is scheduled for March 18.

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