07:46 AM EDT, 06/06/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Friday before the release of the May employment report at 8:30 am ET.

Nonfarm payrolls are expected to rise by 126,000 after a 177,000 gain in the previous month, while the unemployment rate is due to remain at 4.2% and hourly earnings are seen rising by 0.3% after a 0.2% increase in April.

Federal Reserve Governor Michelle Bowman, who was approved this week to become Fed Vice Chair for Supervision, is due to speak at 10:00 am ET.

The St. Louis Federal Reserve is expected to update its GDP nowcast for Q2 around midday, and consumer credit data for April are due to be released at 3:00 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD fell to 1.1421 from 1.1439 at the Thursday US close and 1.1424 at the same time Thursday morning. The European Central Bank lowered its target rate by 25 basis points at its meeting on Thursday, but said that it is committed to bringing down inflation amid trade uncertainty. The next European Central Bank meeting is scheduled for July 24. Eurozone GDP growth accelerated in Q1 from the previous quarter, lifting the year-over-year rate, according to data released earlier Friday.

GBP/USD fell to 1.3546 from 1.3574 at the Thursday US close and 1.3573 at the same time Thursday morning. UK home prices declined in May, slowing the year-over-year pace, according to data released overnight. The next Bank of England meeting is scheduled for June 19.

USD/JPY rose to 144.1633 from 143.6670 at the Thursday US close and 143.1427 at the same time Thursday morning. Japanese household spending and the Japanese leading index both declined in April, data released overnight showed. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD rose to 1.3683 from 1.3665 at the Thursday US close and 1.3662 at the same time Thursday morning. Canadian leading index data for May are due to be released at 8:00 am ET, followed by the May Canadian employment report at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 30.