07:48 AM EST, 01/02/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday, except for a decline versus the yen, after the New Year's Day Holiday to start off a busy schedule of economic data releases.

Thursday's schedule starts with weekly initial jobless claims at 8:30 am ET, followed by the S&P Global manufacturing purchasing managers' index reading for December at 9:45 am ET.

Construction spending data for November are due at 10:00 am ET, followed by weekly Energy Information Administration petroleum supply data at 11:00 am ET and an update to the Atlanta Federal Reserve's gross domestic product growth Nowcast estimate around midday.

Earlier Thursday, the Mortgage Bankers Association reported a further increase in mortgage rates pushed applications lower in the two-week period ending Dec. 27.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD fell to 1.0329 from 1.0355 at the Tuesday US close before the holiday and 1.0409 at the same time Tuesday morning. Eurozone manufacturing PMI declined slightly in December to indicated faster contraction, according to data released earlier Thursday. The next European Central Bank meeting is scheduled for Jan. 30.

GBP/USD fell to 1.2446 from 1.2511 at the Tuesday US close and 1.2540 at the same time Tuesday morning. UK manufacturing PMI declined further below the breakeven point in December while home prices rose more than expected in the same month, according to data released overnight. The next Bank of England meeting is scheduled for Feb. 6.

USD/JPY fell to 157.1082 from 157.3121 at the Tuesday US close but was above a level of 156.7773 at the same time Tuesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Jan. 23-24.

USD/CAD rose to 1.4425 from 1.4376 at the Tuesday US close and 1.4381 at the same time Tuesday morning. Canadian manufacturing PMI data for December are due to be released at 9:30 am ET. The next Bank of Canada meeting is scheduled for Jan. 29.