07:48 AM EDT, 06/05/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of the release of May employment data at 8:30 am ET.

Nonfarm payrolls are expected to rise by 88,000 in May after a 115,000 increase in the previous month, while the unemployment rate is forecast to remain at 4.3%, and hourly earnings are forecast to rise by 0.3% after a 0.2% gain.

The St. Louis Federal Reserve is expected to update its Q2 GDP nowcast estimate around midday, followed by consumer credit data for April at 3:00 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1636 from 1.1613 at the Thursday US close and 1.1635 at the same time Thursday morning. Eurozone GDP declined in Q1, slowing the year-over-year pace, while Eurozone employment growth slowed in the same quarter, according to data released earlier Friday. The next European Central Bank meeting is scheduled for June 11.

GBP/USD rose to 1.3469 from 1.3424 at the Thursday US close and 1.3451 at the same time Thursday morning. UK home prices declined in May, though the year-over-year rate accelerated modestly. Bank of England Governor Andrew Bailey is due to speak at 2:00 pm ET. The next Bank of England meeting is scheduled for June 18.

USD/JPY fell to 159.9109 from 160.0224 at the Thursday US close, but was above a level of 159.8291 at the same time Thursday morning. Japanese household spending rebounded in April; however, it was still down from a year earlier, while the Japanese leading index rose at a slower pace in April than in the previous month, according to data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.

USD/CAD fell to 1.3880 from 1.3904 at the Thursday US close and 1.3895 at the same time Thursday morning. Canadian employment data for May are due to be released at 8:30 am ET, followed by the Canada IVEY survey for May at 10:00 am ET. The next Bank of Canada meeting is scheduled for June 10.