07:46 AM EDT, 08/16/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of the release of home building data for July at 8:30 am ET and the preliminary University of Michigan consumer sentiment index for August and state-level unemployment data for July, both at 10:00 am ET.

The Atlanta Federal Reserve and St. Louis Fed are expected to update their gross domestic product Nowcast estimates for Q3 around midday.

Chicago Fed President Austan Goolsbee, a voter on the Federal Open Market Committee in 2025, is set to speak at 1:25 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.0987 from 1.0974 at the Thursday US close but below a level of 1.1012 at the same time Thursday morning. The Eurozone trade balance moved further into surplus in June, data released earlier Friday showed. The next European Central Bank meeting is scheduled for Sept. 12.

GBP/USD rose to 1.2902 from 1.2854 at the Thursday US close and 1.2858 at the same time Thursday morning. UK retail sales rebounded less than expected in July after a June decline, according to data released overnight. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY fell to 148.5159 from 149.0238 at the Thursday US close but remained above a level of 147.2712 at the same time Thursday morning. Japanese services purchases by businesses fell in June compared to expectations for a small gain, according to data released overnight. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell to 1.3729 from 1.3735 at the Thursday US close but was above a level of 1.3708 at the same time Thursday morning. Canadian housing starts for July are due to be released at 8:15 am ET, followed by Canadian securities purchases and manufacturing sales, both for June, at 8:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 4.