07:58 AM EDT, 06/05/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Thursday, except for a gain versus the yen, ahead of a busy day of economic data releases, starting with weekly jobless claims, international trade data for April, and revised productivity data for Q1, all at 8:30 am ET.

Weekly natural gas stocks data are due at 10:30 am ET, and the Atlanta Federal Reserve is expected to update its GDP nowcast estimate for Q2 around midday.

Fed Governor Adriana Kugler is scheduled to speak at 12:00 pm ET, followed by Philadelphia Fed President Patrick Harker at 1:30 pm ET.

Earlier Thursday, outplacement firm Challenger, Gray & Christmas said that there were 93,816 layoff intentions in May, down from 105,441 in April but up from 63,816 at the same time a year earlier. The services sector accounted for 22,492 of the total layoffs.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1427 from 1.1413 at the Wednesday US close and 1.1382 at the same time Wednesday morning. The European Central Bank is expected to lower its target rate by 25 basis points when its post-meeting announcement is released at 8:15 am ET. Data released earlier in the day showed that Eurozone construction PMI declined in May while producer prices plunged in April, slowing the year-over-year rate.

GBP/USD rose to 1.3574 from 1.3547 at the Wednesday US close and 1.3525 at the same time Wednesday morning. UK construction PMI rose more than expected in May, while car registrations increased in the same month. The next Bank of England meeting is scheduled for June 19.

USD/JPY rose to 143.2223 from 142.8839 at the Wednesday US close but was below a level of 144.1536 at the same time Wednesday morning. Japanese wage income growth steadied in April, according to data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD fell to 1.3661 from 1.3681 at the Wednesday US close and 1.3711 at the same time Wednesday morning. The Bank of Canada voted to hold rates steady at its meeting on Wednesday, saying that uncertainty surrounding the trade conflict with the US remains a key headwind for the Canadian economy. The next Bank of Canada meeting is scheduled for July 30. Canadian trade data for April are due to be released at 8:30 am ET, followed by the Canada IVEY survey for May at 10:00 am ET. BOC Deputy Governor Sharon Kozicki is due to speak at 12:20 pm ET.