07:49 AM EST, 01/24/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Friday, except for a partial recover versus the yen, before the release of S&P Global's flash estimates for manufacturing and services estimates for January at 9:45 am ET.

The final reading of consumer sentiment for January from the University of Michigan follows at 10:00 am ET, at the same time as existing home sales for December.

The Kansas City Federal Reserve's services estimate for January is due at 11:00 am ET and the St. Louis Fed's gross domestic product growth Nowcast estimate for Q4 is expected to be updated around midday.

The Federal Open Market Committee remains in its 'quiet period' ahead of the Jan. 28-29 meeting.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.0485 from 1.0418 at the Thursday US close and 1.0406 at the same time Thursday morning. The Eurozone's manufacturing purchasing managers' index rose more than expected in the January but still indicated contraction while services PMI declined slightly but continued to point to modest expansion, according to data released earlier Friday. The next European Central Bank meeting is scheduled for Jan. 30.

GBP/USD rose to 1.2412 from 1.2354 at the Thursday US close and 1.2310 at the same time Thursday morning. UK manufacturing PMI rose slightly in January to indicate a slower pace of contraction while services PMI showed a faster pace of growth, data released earlier Friday showed. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY rose to 156.2512 from 155.9714 at the Thursday US close but was below a level of 156.5697 at the same time Thursday morning. The pair fell as low as 154.9532 after the Bank of Japan raised its key interest rate by 25 basis points at its meeting overnight, as widely expected, citing rising wages and prices. The next Bank of Japan meeting is scheduled for March 18-19. Japanese consumer price growth accelerated in December while manufacturing PMI fell further into negative territory in January and services PMI showed increased expansion, data released overnight showed.

USD/CAD fell to 1.4343 from 1.4375 at the Thursday US close and 1.4409 at the same time Thursday morning. Canada manufacturing sales and new home data, both for December, are scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Jan. 29.