07:41 AM EST, 01/31/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Friday before the release of personal income, spending, and price data for December at 8:30 am ET.

The employment cost index for Q4 is also due to be released at 8:30 am ET and Federal Reserve Governor Michelle Bowman is expected to speak at the same time, the first comments from a Fed official since the Federal Open Market Committee's rate policy announcement Wednesday.

The Chicago purchasing managers' index for January is due to be released at 9:45 am ET, followed by the initial Atlanta gross domestic product growth Nowcast estimate for Q1 around midday.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD fell to 1.0378 from 1.0409 at the Thursday US close and 1.0395 at the same time Thursday morning. The European Central Bank lowered its policy rate by 25 basis points on Thursday on expectations that inflation will continue to slow and concerns about tariff threats from the US. The next European Central Bank meeting is scheduled for March 5-6. There are no Eurozone data on Friday's schedule.

GBP/USD fell to 1.2412 from 1.2435 at the Thursday US close and 1.2431 at the same time Thursday morning. UK home prices rose less than expected in January, slowing the year-over-year pace, according to data released earlier Friday. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY rose to 154.8385 from 154.2521 at the Thursday US close and 154.5525 at the same time Thursday morning. Tokyo core consumer prices, a proxy for Japan's core consumer price index, declined in January, but the year-over-year rate accelerated, according to data released overnight. In addition, the Japanese unemployment rate declined in December while industrial production rebounded, and large retailer sales fell in the same month. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD rose to 1.4480 from 1.4475 at the Thursday US close and was well above a level of 1.4417 at the same time Thursday morning when it became clearer that US President Donald Trump plans to impose a 25% tariff on selected Canadian imports. Canadian GDP data for November are scheduled to be released at 8:30 am ET, followed by the Canadian budget balance for November at 11:00 am ET. The next Bank of Canada meeting is scheduled for March 12.