07:41 AM EDT, 05/24/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Friday, except for an increase versus the yen, before another busy data schedule that leads into the long holiday weekend.

Durable goods orders for April are set to be released at 8:30 am ET, followed by the final University of Michigan consumer sentiment reading for May at 10:00 am ET and the Kansas City Federal Reserve's services reading for May at 11:00 am ET.

Updates to the Atlanta Fed and St. Louis Fed's gross domestic product Nowcast estimates for Q2 are expected around midday.

Fed Governor Christopher Waller is set to speak at 9:35 am ET on the natural long run interest rate, or r*, a subject that markets have focused on since the release of the minutes of the Federal Open Market Committee's April 30-May 1 meeting.

A quick summary of foreign exchange activity heading into Friday:

EUR-USD rose to 1.0842 from 1.0810 at the Thursday US close but was below a level of 1.0846 at the same time Thursday morning. There are no Eurozone data on Friday's schedule, but European Central Bank policy board member Isabel Schnabel warned against cutting interest rates too quickly in speech overnight, citing a "bumpy" return to price stability. The next European Central Bank meeting is scheduled for June 6.

GBP-USD rose to 1.2720 from 1.2694 at the Thursday US close but was below a level of 1.2725 at the same time Thursday morning. UK retail sales declined sharply in April, pulling down the year-over-year rate, data released overnight showed. The next Bank of England meeting is scheduled for June 20.

USD-JPY rose to 156.9667 from 156.8738 at the Thursday US close and 156.7180 at the same time Thursday morning. Japanese consumer prices rose modestly in April, allowing the year-over-year rate to slow, data released overnight showed. The next Bank of Japan meeting is scheduled for June 13-14.

USD-CAD fell to 1.3717 from 1.3736 at the Thursday US close but was above a level of 1.3671 at the same time Thursday morning. Canadian retail sales data for March are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 5.