08:06 AM EDT, 05/09/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of a very busy schedule of appearances by Federal Reserve officials that are likely to comment on the outcome of this week's Federal Open Market Committee meeting.

New York Fed President John Williams is due to speak at 8:30 am ET at the same time as Richmond Fed President Tom Barkin and followed by Chicago Fed President Austan Goolsbee at 10:00 am ET.

Williams is due to speak again at 11:30 am ET, at the same time as Fed Governor Christopher Waller. Fed Governor Lisa Cook ends the day with a speech at 7:45 pm ET.

Earlier Friday, Fed Governor Michael Barr said tariffs could create upward pressure on inflation, noting that their size and scope were "without modern precedent." Barr added he is also concerned about unemployment rising as the economy slows, echoing the Federal Open Market Committee's statement released Wednesday.

The only data report set to be released Friday is the St. Louis Fed's initial estimate of Q2 gross domestic product in its weekly Nowcast estimate.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1251 from 1.1227 at the Thursday US close but below a level of 1.1299 at the same time Thursday morning. There are no Eurozone data on Friday's schedule, but European Central Bank policy board member Isabel Schnabel is due to speak at 7:45 pm ET. The next European Central Bank meeting is scheduled for June 4-5.

GBP/USD rose to 1.3280 from 1.3246 at the Thursday US close but was below a level of 1.3323 at the same time Thursday morning. There are no UK data on Friday, but Bank of England Governor Andrew Bailey said earlier in the day the BoE's commitment to reducing inflation is "unwavering," but said businesses and consumers are facing uncertainty. The Bank of England lowered its target rate by 25 basis points at its meeting Thursday. The next Bank of England meeting is scheduled for June 19.

USD/JPY fell to 145.1815 from 145.8886 at the Thursday US close but was above a level of 144.7519 at the same time Thursday morning. The Japanese leading index fell in March according to data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD fell slightly to 1.3916 from 1.3919 at the Thursday US close but was above a level of 1.3888 at the same time Thursday morning. Canadian employment data for April are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 4.