US Dollar Rises Early Thursday After Trade Court Blocks Trump Tariffs-March 2024-www.financetom.com

US Dollar Rises Early Thursday After Trade Court Blocks Trump Tariffs

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US Dollar Rises Early Thursday After Trade Court Blocks Trump Tariffs

May 29, 2025 5:03 AM

07:38 AM EDT, 05/29/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday, except for a decline versus the British pound, after the US Court of International Trade moved to block most of the Trump Administration's import tariffs on Wednesday, a ruling that will be appealed.

Thursday's schedule is relatively busy, starting with the release of Q1 GDP data, weekly jobless claims, and an appearance by Richmond Federal Reserve Bank President Tom Barkin, all at 8:30 am ET.

Pending home sales data for April are due at 10:00 am ET, followed by weekly natural gas stocks data at 10:30 am ET and a presentation by Chicago Fed President Austan Goolsbee at 10:40 am ET. Weekly petroleum stocks are due to be released at noon ET.

Fed Governor Adrian Kugler is expected to speak at 2:00 pm ET, followed by San Francisco Fed President Mary Daly at 4:00 pm ET, and Dallas Fed President Lorie Logan at 10:25 pm.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD fell to 1.1288 from 1.1291 at the Wednesday US close and 1.1325 at the same time Wednesday morning. There are no Eurozone data on Thursday's schedule. The next European Central Bank meeting is scheduled for June 4-5.

GBP/USD rose to 1.3472 from 1.3466 at the Wednesday US close but was below a level of 1.3492 at the same time Wednesday morning. There are no UK data on Thursday's schedule, but Bank of England Governor Andrew Bailey is due to speak at 3:00 pm ET. The next Bank of England meeting is scheduled for June 19.

USD/JPY rose to 145.0223 from 144.8941 at the Wednesday US close and 144.2563 at the same time Wednesday morning. Japanese household confidence improved in May, according to data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.

USD/CAD rose slightly to 1.3836 from 1.3834 at the Wednesday US close and 1.3829 at the same time Wednesday morning. Canadian weekly earnings data for March and current account data for Q1 are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 4.

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