08:03 AM EDT, 08/30/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Friday, except for a gain versus the yen, with the focus on personal income, spending and price data for July and the final estimate of August consumer sentiment from the University of Michigan before the start the long holiday weekend.

Personal income, spending and PCE price data are schedule to be released at 8:30 am ET. Core prices, watched closely by the Federal Reserve, are forecast to rise by 0.2% from June and 2.7% from a year ago, slightly faster than the 2.6% rate in the previous month.

The Chicago purchasing managers' index for August is due to be released at 9:45 am ET, the last regional conditions readings before the Institute for Supply Management's manufacturing index is published Sept. 3.

The final consumer sentiment reading for August is due at 10:00 am ET after the preliminary reading released on Aug. 15 showed a modest improvement overall due to a more optimistic outlook that offset increased concerns about the current situation.

Updated gross domestic product Nowcast forecasts from the Atlanta and St. Louis Federal Reserve banks are due around midday.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1079 from 1.1076 at the Thursday US close but was below a level of 1.1098 at the same time Thursday morning. Eurozone consumer prices rose in August after a flat reading in July while core prices rebounded from a July decline, but year-over-year rates slowed, data released earlier Friday showed. European Central Bank policy board member Isabel Schnabel said overnight that the ECB needs to be cautious when lowering rates but noted that further rate cuts should not impact the slowing of inflation, according to Reuters. The next ECB meeting is scheduled for Sept. 12.

GBP/USD rose to 1.3178 from 1.3166 at the Thursday US close but was below a level of 1.3198 at the same time Thursday morning. UK home prices declined in August, though the year-over-year rate accelerated, while mortgage lending increased in July, according to data released earlier Friday. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY rose to 145.2971 from 144.9191 at the Thursday US close and 144.5778 at the same time Thursday morning. Tokyo's consumer price inflation, an early indicator of the overall Japanese consumer price index, accelerated in August, while Japanese industrial production rebounded in July and the unemployment rate ticked up, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell to 1.3477 from 1.3486 at the Thursday US close but was above a level of 1.3456 at the same time Thursday morning. Canada GDP for July and Q2 are due for release at 8:30 am ET, followed by Canadian budget data for June at 11:00 am ET. The next Bank of Canada meeting is scheduled for Sept. 4.