07:52 AM EST, 12/05/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Thursday ahead of the release of weekly initial jobless claims and international trade data for October, both at 8:30am ET.

Weekly natural gas stocks are due to be released at 10:30 am ET and the Atlanta Federal Reserve is expected to update its gross domestic product growth Nowcast estimate for Q4 around midday. Richmond Fed President Tom Barkin is due to speak at 11:30 am ET.

Earlier Wednesday, outplacement firm Challenger, Gray & Christmas said that layoff intentions rose in November from October and a year earlier, with the largest gains coming from the automotive and technology sectors.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.0538 from 1.0514 at the Wednesday US close and 1.0506 at the same time Wednesday morning. The Eurozone's construction purchasing managers' index fell further below the breakeven point in November while retail sales declined in October, according to data released earlier Thursday. The next European Central Bank meeting is scheduled for Dec. 12.

GBP/USD rose to 1.2728 from 1.2704 at the Wednesday US close and 1.2678 at the same time Wednesday morning. UK construction PMI improved in November while car registrations increased in the same month, data released earlier Thursday showed. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY fell to 150.3150 from 150.5254 at the Wednesday US close and 150.9546 at the same time Wednesday morning. Foreign investment in Japanese stocks declined while bond buying rose, according to data released overnight. Bank of Japan policy board member Toyoaki Nakamura said overnight that monetary policy decisions need to be supported by the incoming data. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD declined slightly to 1.4061 from 1.4064 at the Wednesday US close and 1.4063 at same time Wednesday morning. Canadian trade gap data for October is due to be released at 8:30 am ET, followed by the Canada IVEY PMI survey for November at 10:00 am ET. The next Bank of Canada meeting is scheduled for Dec. 11.