07:55 AM EST, 11/14/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday ahead of the release of weekly jobless claims data and producer prices data for October, both at 8:30 am ET, while markets prepare for an appearance by Federal Reserve Chairman Jerome Powell at 3:00 pm ET.

Powell will be part of a discussion on the economic outlook but is likely to be asked about the independence of the Fed, a topic addressed at length in a speech earlier Thursday by Fed Governor Adriana Kugler, who said that the studies show a link between greater central bank independence and lower inflation and better economic outcomes.

Weekly natural gas stocks are due at 10:30 am ET, followed by weekly crude oil stocks at 11:00 am ET. New York Fed President John Williams is due to speak at 4:45 pm ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD fell to 1.0527 from 1.0562 at the Wednesday US close and 1.0620 at the same time Wednesday morning. Eurozone employment growth in Q3 was in line with the previous quarter, as was gross domestic product growth, according to data released earlier Wednesday. European Central Bank policy board member Isabel Schnabel is due to speak at 1:30 pm ET, followed by ECB President Christine Lagarde at 2:00 pm ET. The next European Central Bank meeting is scheduled for Dec. 12.

GBP/USD fell to 1.2656 from 1.2703 at the Wednesday US close and 1.2755 at the same time Wednesday morning. UK consumer sentiment fell slightly in November according to data released earlier Thursday. Monthly GDP data for October are due to be released at 8:00 am, at the same time as an appearance by Bank of England policy board member Catherine Mann. Later, BoE Governor Andrew Bailey is due to speak at 1:00 pm ET and again at 4:00 pm ET. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY rose to 155.9430 from 155.5954 at the Wednesday US close and 154.8289 at the same time Wednesday morning. There were no Japanese data released earlier Thursday, but Japanese GDP data for Q3 are due to be released Thursday evening in US time. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD rose to 1.4007 from 1.4000 at the Wednesday US close and 1.3952 at the same time Wednesday morning. Canadian new motor vehicle sales data for September are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Dec. 11.