07:47 AM EDT, 09/05/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Thursday ahead of another busy day of economic data releases.

ADP private payrolls for August are due to be released at 8:15 am ET, followed by weekly jobless claims and revised Q2 productivity, both at 8:30 am ET.

Services conditions data for August are due from S&P Global at 9:45 am ET and ISM at 10:00 am ET. Weekly natural gas stocks are due at 10:30 am ET, followed by weekly crude oil stocks at 11:00 am ET.

Earlier Thursday, outplacement firm Challenger, Gray & Christmas said that layoffs rose in August, led by the technology sector and due in large part to cost cutting. Hiring plans improved in the same month but the year-to-date total for hiring plans was the lowest on record back to 2005.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1100 from 1.1079 at the Wednesday US close and 1.1053 at the same time Wednesday morning. Eurozone construction PMI held steady in August while retail sales rose as expected in July, data released earlier Thursday showed. The next ECB meeting is scheduled for Sept. 12.

GBP/USD rose to 1.3168 from 1.3145 at the Wednesday US close and 1.3115 at the same time Wednesday morning. UK construction PMI declined more than expected in August, according to data released earlier Thursday. The next Bank of England meeting is scheduled for Sept. 19.

USD/JPY fell to 143.4718 from 143.8544 at the Wednesday US close and 145.0481 at the same time Wednesday morning. Japanese wage income rose more than expected in July, but the pace slowed from June, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 19-20.

USD/CAD fell to 1.3505 from 1.3515 at the Wednesday US close and 1.3551 at the same time Wednesday morning before the Bank of Canada decided to cut its target rate by 25 basis points to 4.25% and suggest that further cuts are likely as the Canadian economy weakens. The next BOC meeting is scheduled for Oct. 23. Canadian labor productivity data for Q2 are due for release at 8:30 am ET.