07:45 AM EDT, 09/06/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of the release of August employment data at 8:30 am ET.

Nonfarm payrolls are expected to rise by 165,000 in August after a 114,000 increase, the unemployment rate is forecast to slip to 4.2% from 4.3% and hourly earnings are seen rising by 0.3%, lifting the year-over-year rate to 3.7% from 3.6%.

The St. Louis Federal Reserve is set to update its GDP nowcast estimate around midday.

New York Fed President John Williams is schedule to speak at 8:45 am ET, followed by an appearance by Fed Governor Christopher Waller at 11:00 am ET before the quiet period ahead of the Sept. 17-18 Federal Open Market Committee meeting begins on Saturday.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1107 from 1.1104 at the Thursday US close and 1.1010 at the same time Thursday morning. Eurozone employment rose as expected in Q2 while GDP growth was slower than expected, data released earlier Friday showed. The next ECB meeting is scheduled for Sept. 12.

GBP/USD rose to 1.3172 from 1.3171 at the Thursday US close and 1.3168 at the same time Thursday morning. UK home prices rose slightly more than expected in August, according to data released overnight. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY fell to 143.06 from 143.4609 at the Thursday US close and 143.4639 at the same time Thursday morning. Japanese household spending declined in July while the leading index rebounded modestly after a decline in June, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell to 1.3493 from 1.3510 at the Thursday US close and 1.3508 at the same time Thursday morning. The Canadian employment report for August is due to be released at 8:30 am ET, followed by the IVEY PMI for August at 10:00 am ET. The next Bank of Canada meeting is scheduled for Oct. 23.