07:59 AM EDT, 04/03/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Thursday ahead of the release of weekly jobless claims and trade data for February, both at 8:30 am ET.

Services data from S&P Global is due at 9:45 am ET, followed by the Institute for Supply Management's services report at 10:00 am ET. Weekly natural gas stocks inventory data are due to be published at 10:30 am ET and the Atlanta Fed is expected to update its gross domestic product Nowcast estimate around midday.

Earlier Thursday, outplacement firm Challenger, Gray & Christmas reported that there were 275,240 layoff intentions in March, up considerably from 172,017 job cuts in the previous month and the largest monthly total since May 2020 at the start of the pandemic. The Department of Government Efficiency announced 216,670 of those layoffs.

Federal Reserve Vice Chair Philip Jefferson is due to speak at 12:30 pm ET, followed by an appearance by Fed Governor Lisa Cook at 2:30 pm ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1053 from 1.0850 at the Wednesday US close and 1.0797 at the same time Wednesday morning. The Eurozone's services purchasing managers' index rose in March while producer prices rose less than expected in February, but the year-over-year rate accelerated, according to data released earlier Thursday. European Central Bank Vice President Luis de Guindos said overnight that the US tariffs announced on Wednesday cause uncertainty in the economic outlook for Europe, particularly for inflation. The next European Central Bank meeting is scheduled for April 16-17.

GBP/USD rose to 1.3151 from 1.2982 at the Wednesday US close and 1.2939 at the same time Wednesday morning. The UK's services PMI rose less than expected in March but still indicated expansion, according to data released earlier Thursday. The next Bank of England meeting is scheduled for May 8.

USD/JPY fell to 146.5997 from 150.0443 at the Wednesday US close and 149.2977 at the same time Wednesday morning. The Japanese services PMI declined in March to indicate neither expansion nor contraction, according to data released overnight. The next Bank of Japan meeting is scheduled for April 30-May 1.

USD/CAD fell to 1.4143 from 1.4318 at the Wednesday US close and 1.4324 at the same time Wednesday morning. Canadian trade balance data for February is due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for April 16.