08:02 AM EST, 02/07/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a small decline versus the pound, as markets prepare for the January employment report to be released at 8:30 am ET.

Nonfarm payrolls are expected to rise by 175,000 in January after a 256,000 gain in the previous month, with the unemployment rate seen remaining at 4.1% and hourly earnings forecast to rise by 0.3%, in line with the previous month's gain.

After the employment release, Federal Reserve Governor Michelle Bowman is due to speak at 9:25 am ET, followed by the preliminary University of Michigan consumer sentiment index for February and wholesale inventories data for December, both at 10:00 am ET.

The Atlanta and St. Louis Fed banks are due to release their Q1 gross domestic product growth Nowcast estimates around midday. Fed Governor Adriana Kugler is due to speak at noon and consumer credit data for December are due to be released at 3:00 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD fell to 1.0382 from 1.0389 at the Thursday US close but was above a level of 1.0364 at the same time Thursday morning. There are no Eurozone data on Friday's schedule. The next European Central Bank meeting is scheduled for March 5-6.

GBP/USD rose to 1.2449 from 1.2441 at the Thursday US close and 1.2423 at the same time Thursday morning. UK home prices rebounded more than expected in January from a decline in the previous month, but the year-over-year rate still slowed, according to data released overnight. The next Bank of England meeting is scheduled for March 20.

USD/JPY rose to 152.1915 from 151.5180 at the Thursday US close but was below a level of 152.3255 at the same time Thursday morning. The Japanese leading index rose in December after a November decline, as did the coincident index, while Japanese household spending surged in December, data released overnight showed. The next Bank of Japan meeting is scheduled for March 18-19.

USD/CAD rose to 1.4340 from 1.4306 at the Thursday US close but was below a level of 1.4361 at the same time Thursday morning. The Canadian employment report for January is due to be released at 8:30 am ET, at the same time as the US employment report. The next Bank of Canada meeting is scheduled for March 12.