07:48 AM EDT, 03/15/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for decline against the euro, ahead of the release of import and export price data for February and the New York Federal Reserve's Empire State index for March, both at 8:30 am ET.

Industrial production data for February follows at 9:15 am ET and the preliminary Michigan Sentiment index for March is due for release at 10:00 am ET.

As the week comes to an end, the focus turns to the Federal Open Market Committee meeting on March 19-20. While no change in rates is expected, an updated Summary of Economic Projections at the meeting and potential comments from Fed Chairman Jerome Powell afterward will have markets on edge early next week.

The quiet period for Fed officials continues until after the meeting.

A quick summary of foreign exchange activity heading into Friday:

EUR-USD rose to 1.0891 from 1.0884 at the Thursday US close but was down from a level of 1.0941 at the same time Thursday morning. There are no Eurozone data on Friday's schedule, but European Central Bank Chief Economist Philip Lane is set to speak at 10:30 am ET. The next ECB meeting is scheduled for April 11.

GBP-USD fell to 1.2749 from 1.2753 at the Thursday US close and 1.2814 at the same time Thursday morning. UK inflation expectations slowed in March compared with three months earlier but remained elevated, Reuters reported on a survey released by the Bank of England earlier Friday. The next Bank of England meeting is scheduled for March 21.

USD-JPY rose to 148.7914 from 148.3198 at the Thursday US close and 147.7261 at the same time Thursday morning. The Japanese Thompson Reuters consumer sentiment survey improved modestly in March, according to data released overnight, while a measure of services activity improved in January versus both December and a year earlier. The next Bank of Japan meeting is set for March 18.

USD-CAD rose slightly to 1.3533 from 1.3532 at the Thursday US close and was above a reading of 1.3467 at the same time Thursday morning. Data on Canadian housing starts is set to be released at 8:15 am ET, followed Canadian securities purchases and wholesale sales at 8:30 am ET. The next Bank of Canada monetary policy meeting is set for April 10.