07:53 AM EDT, 05/07/2026 (MT Newswires) -- The US dollar fell against its major trading partners early Thursday ahead of the release of weekly jobless claims and the preliminary estimate of Q1 productivity, both at 8:30 am ET.

Construction spending data for March are due to be released at 10:00 am ET, followed by weekly natural gas stocks at 10:30 am ET and the New York Federal Reserve's inflation expectations report for April at 11:00 am ET.

The Atlanta Fed is due to update its GDP nowcast estimate for Q2 around midday, Minneapolis Fed President Neel Kashkari is due to speak at 2:00 pm ET, consumer credit data for March are due to be released at 3:00 pm ET, and New York Fed President John Williams is expected to speak at 3:30 pm ET.

Earlier Thursday, outplacement firm Challenger, Gray & Christmas reported that layoff intentions rose in April, led by the technology sector due to increased use of AI.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1765 from 1.1749 at the Wednesday US close, but was below 1.1786 at the same time Wednesday morning. Eurozone retail sales declined in March, slowing the year-over-year rate, while Eurozone construction PMI declined in April, according to data released earlier Thursday. European Central Bank policy board member Frank Elderson is due to speak at 8:00 am ET, followed by member Philip Lane at 8:40 am ET and member Isabel Schnabel at 1:00 pm ET. The next European Central Bank meeting is scheduled for June 11.

GBP/USD rose to 1.3614 from 1.3594 at the Wednesday US close but was below 1.3637 at the same time Wednesday morning. UK construction PMI declined in April, according to data released earlier Thursday. The next Bank of England meeting is scheduled for June 18.

USD/JPY fell to 156.3641 from 156.4049 at the Wednesday US close, but was above 155.9026 at the same time Wednesday morning. The Japanese monetary base declined sharply in April, according to data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.

USD/CAD fell to 1.3626 from 1.3635 at the Wednesday US close, but was above 1.3596 at the same time Wednesday morning. The Canadian leading index for April is due to be released at 8:00 am ET. The next Bank of Canada meeting is scheduled for June 10.