07:44 AM EDT, 08/02/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Friday, except for an increase versus the pound, ahead of the July employment report being released at 8:30 am ET.

Nonfarm payrolls are expected to rise by 175,000, the unemployment rate is seen remaining at 4.1% and hourly earnings are expected to rise by 0.3%, allowing the year-over-year rate to slow to 3.7% from 3.9%.

Factory orders and shipments data for June follows at 10:00 am ET.

There are no Federal Reserve speakers on Friday's schedule but their schedule is likely to pick up next week now that the quiet period leading up to this week's meeting has been lifted.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.0825 from 1.0790 at the Thursday US close and 1.0784 at the same time Thursday morning. There are no Eurozone data on Friday's schedule. The next European Central Bank meeting is scheduled for Sept. 12.

GBP/USD fell to 1.2738 from 1.2742 at the Thursday US close and 1.2761 at the same time Thursday morning. There are no UK data due for release on Friday. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY fell to 148.8824 from 149.7753 at the Thursday US close and 150.1814 at the same time Thursday morning. The were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell slightly to 1.3870 from 1.3873 at the Thursday US close but was above a level of 1.3818 at the same time Thursday morning. There are no Canadian data on Friday's schedule. The next Bank of Canada meeting is scheduled for Sept. 4.