07:54 AM EDT, 05/08/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday, except for a decline versus the pound, after the Federal Open Market Committee maintained the target range for its federal funds rate at 4.25% to 4.50%, but said there is heightened risk of higher inflation and rising unemployment.

Thursday's schedule starts with weekly initial jobless claims and the first look at Q1 productivity, both at 8:30 am ET.

Wholesale inventories data for March are due to be released at 10:00 am ET, followed by natural gas stocks inventory data at 10:30 am ET and an update to the Atlanta Federal Reserve's gross domestic product Nowcast estimate for Q2 around midday. The New York Federal Reserve's inflation outlook survey for April will be released at 11:00 am ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD fell to 1.1293 from 1.1306 at the Wednesday US close and 1.1366 at the same time Wednesday morning. There are no Eurozone data on Thursday's schedule. The next European Central Bank meeting is scheduled for June 4-5.

GBP/USD rose to 1.3322 from 1.3296 at the Wednesday US close but was below a level of 1.3355 at the same time Wednesday morning. The Bank of England lowered its target rate by 25 basis points at its meeting Thursday by a vote of five-to-four, with two voters preferring a larger 50 basis point cut and two wanting no reduction at all. Bank of England Governor Andrew Bailey is due to speak at 9:15 am ET. The decision comes ahead of an expected trade pact announcement with the US later in the day. The next Bank of England meeting is scheduled for June 19. Prior to the rate announcement, data showed that UK home prices rebounded in April from a March decline.

USD/JPY rose to 144.6947 from 143.8144 at the Wednesday US close and 143.2742 at the same time Wednesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD rose to 1.3883 from 1.3830 at the Wednesday US close and 1.3790 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule. The next Bank of Canada meeting is scheduled for June 4.