US Dollar Falls Early Thursday Ahead of Q1 Gross Domestic Product, Weekly Jobless Claims, Advance Trade Data-June 2024-www.financetom.com

US Dollar Falls Early Thursday Ahead of Q1 Gross Domestic Product, Weekly Jobless Claims, Advance Trade Data

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US Dollar Falls Early Thursday Ahead of Q1 Gross Domestic Product, Weekly Jobless Claims, Advance Trade Data

Apr 25, 2024 4:59 AM

07:43 AM EDT, 04/25/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Thursday, except for an increase versus the yen, ahead of the first look at Q1 gross domestic product, weekly jobless claims, and advance trade data for March, all at 8:30 am ET.

Pending home sales data for March is scheduled to be released at 10:00 am ET, followed by weekly natural gas stocks at 10:30 am ET and the Kansas City Federal Reserve's manufacturing reading for April at 11:00 am ET.

Fed officials remain in their 'quiet period' through the April 30-May 1 Federal Open Market Committee meeting.

A quick summary of foreign exchange activity heading into Thursday:

EUR-USD rose to 1.0723 from 1.0699 at the Wednesday US close and 1.0689 at the same time Wednesday morning. There are no Eurozone data on Thursday's schedule, but European Central Bank policy board member Isabel Schnabel said overnight that the ECB is facing "a bumpy last mile" in its fight against inflation with concerns about services and wages, according to Reuters. The next European Central Bank meeting is scheduled for June 6.

GBP-USD rose to 1.2507 from 1.2464 at the Wednesday US close and 1.2438 at the same time Wednesday morning. UK retail spending deteriorated significantly in April according to survey data released earlier Thursday. The next Bank of England meeting is scheduled for May 9.

USD-JPY rose to 155.5655 from 155.3490 at the Wednesday US close and 154.9314 at the same time Wednesday morning. The Japanese leading index rebounded in February, but the coincident index declined, data released overnight showed. The Bank of Japan's policy board's statement is set for release at around 10:30 pm ET Thursday evening, with expectations of no change in interest rates after an increase at the previous meeting.

USD-CAD fell to 1.3667 from 1.3703 at the Wednesday US close and 1.3687 at the same time Wednesday morning. Canada average weekly earnings data for February are scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 5.

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