08:08 AM EDT, 05/02/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of the release of April's nonfarm payrolls employment report at 8:30 am ET.

Nonfarm payrolls are expected to rise by 138,000 after a 228,000 gain in the previous month, while the unemployment rate is seen remaining at 4.2%. Hourly earnings are forecast to rise by 0.3%, the same as in March.

Factory orders data for March are due to be released at 10:00 am ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1329 from 1.1290 at the Thursday US close but was slightly below a level of 1.1332 at the same time Thursday morning. Eurozone consumer prices rose in April in line with the previous month while the Eurozone manufacturing purchasing managers' index increased more than expected in April but still indicated contraction, according to data released earlier Friday. The next European Central Bank meeting is scheduled for June 4-5.

GBP/USD rose to 1.3291 from 1.3280 at the Thursday US close but was below a level of 1.3337 at the same time Thursday morning. There are no UK data on Friday's schedule. The next Bank of England meeting is scheduled for May 8.

USD/JPY fell to 144.6335 from 145.5308 at the Thursday US close but was above a level of 144.2317 at the same time Thursday morning. The Japanese unemployment rate rose slightly in March according to data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD fell to 1.3819 from 1.3845 at the Thursday US close but was above a level of 1.3809 at the same time Thursday morning. There are no Canadian data on Friday's schedule. The next Bank of Canada meeting is scheduled for June 4.