07:58 AM EST, 03/07/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Friday, except for a rebound versus the yen, before the main events of the week: the February nonfarm payrolls employment report and an appearance by Federal Reserve Chairman Jerome Powell ahead of the 'quiet period' leading up to the March 18-19 Federal Open Market Committee meeting.

The employment data is due to be released at 8:30 am ET and is expected to show a 160,000-jobs increase in nonfarm payrolls and no change in the unemployment rate from 4.0% in the previous month.

Fed Governor Michelle Bowman is due to speak at 10:15 am ET, followed the New York Fed President John Williams at 10:45 am ET, leading into Powell's appearance at 12:30 pm ET. There are also two appearances scheduled for Fed Governor Adriana Kugler, one at 12:20 pm ET and another 1:00 pm ET.

The St. Louis Fed is expected to update its Q4 gross domestic product growth Nowcast reading around midday and consumer credit data for January are due to be released at 3:00 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.0852 from 1.0787 at the Thursday US close and 1.0800 at the same time Thursday morning. The European Central Bank lowered its target rate by 25 basis points on Wednesday and suggested that further rate cuts may be needed if economic growth slows as suggested. The next European Central Bank meeting is scheduled for April 16-17. Eurozone GDP growth slowed in Q4 from Q3 but the year-over-year rate accelerated, according to data released earlier Friday.

GBP/USD rose to 1.2912 from 1.2879 at the Thursday US close and 1.2889 at the same time Thursday morning. UK home prices fell unexpectedly in February, keeping the year-over-year in line with the previous month, according to data released overnight. Bank of England policy board member Catherine Mann is scheduled to speak at 10:00 am ET and again at 3:15 pm ET. The next Bank of England meeting is scheduled for March 20.

USD/JPY fell to 147.8085 from 147.8100 at the Thursday US close but was above a level of 147.7774 at the same time Thursday morning and is trending higher Friday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD rose to 1.4328 from 1.4307 at Thursday US close but was below a level of 1.4366 at the same time Thursday morning. President Donald Trump put another pause on the tariffs that he placed on Canada and Mexico on Thursday. The Canadian employment report for February is set to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for March 12.