07:52 AM EST, 11/08/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, as markets reflect on the Federal Open Market Committee's decision to cut its federal funds rate target range by an as-expected 25 basis points to 4.50% to 4.75% with little forward guidance.

Federal Reserve Chairman Jerome Powell said that the results of the presidential and congressional elections will not have an impact on near-term monetary policy decisions, including at the next meeting in December, because the FOMC will not assume what programs the new administration will enact. Powell added that he will not resign if asked by President-Elect Trump, nor does he believe that the president has the power to dismiss or demote Fed officials under the law.

Friday's schedule is light, with the preliminary estimate for October consumer sentiment from the University of Michigan due at 10:00 am ET, followed by the initial estimate of the St. Louis Federal Reserve's GDP nowcast for Q4 around midday.

Fed Governor Michelle Bowman is due to speak at 11:00 am ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD fell to 1.0783 from 1.0802 at the Thursday US close but remained above a level of 1.0760 at the same time Thursday morning. There are no Eurozone data on Friday's schedule. The next European Central Bank meeting is scheduled for Dec. 12.

GBP/USD fell to 1.2960 from 1.2984 at the Thursday US close but was up from a level of 1.2930 at the same time Thursday morning. There are no UK data on Friday's schedule. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY fell to 152.5051 from 152.8258 at the Thursday US close and 153.9396 at the same time Thursday morning. Japanese household spending declined in September while the leading and coincident measures rebounded in September from August declines, according to data released overnight. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD rose to 1.3902 from 1.3862 at the Thursday US close and 1.3892 at the same time Thursday morning. Canadian employment data for October are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Dec. 11.