07:59 AM EDT, 07/31/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday, except for a decline versus the euro, ahead of another full data schedule, starting with weekly jobless claims, personal income, spending and price data for June and employment cost index data for Q2.

Chicago purchasing managers' index data for July is due to be released at 9:45 am ET, followed by weekly natural gas stocks inventories at 10:30 am ET. The Atlanta Federal Reserve is expected to release its first estimate of its Q3 gross domestic product Nowcast estimate around midday.

Earlier Thursday, outplacement firm Challenger, Gray & Christmas said layoff intentions rose in July, led by a technology sector seeing the impact of AI advancement.

The Federal Open Market Committee left the target rate for the federal funds at 4.25% to 4.50% Wednesday afternoon and made no significant changes to its statement other than to acknowledge the slowing of economic growth in the first half of the year.

However, two Fed governors, Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller, dissented from the decision in favor of a 25 basis point rate reduction. This was the first time two governors had dissented at the same meeting since 1993 and aligns with their recent comments that the July meeting was a good opportunity to ease the target range.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1441 from 1.1423 at the Wednesday US close but was down from a level of 1.1541 at the same time Wednesday morning. The Eurozone unemployment rate held steady in July according to data released early Thursday. The next European Central Bank meeting is scheduled for Sept. 11.

GBP/USD fell to 1.3234 from 1.3244 at the Wednesday US close and 1.3363 at the same time Wednesday morning. There are no UK data on Thursday's schedule. The next Bank of England meeting is scheduled for Aug. 7.

USD/JPY rose to 149.9736 from 149.4250 at the Wednesday US close and 148.1586 at the same time Wednesday morning. The Bank of Japan maintained the target for its policy rate overnight and lifted its projections for economic growth and inflation. The next Bank of Japan meeting is scheduled for Sept. 18-19. Japanese data released overnight showed faster-than-expected retail sales and industrial production growth in June but a decline in household confidence in July.

USD/CAD rose to 1.3843 from 1.3838 at the Wednesday US close and 1.3790 at the same time Wednesday morning. The Bank of Canada held its policy rate steady at its meeting Wednesday and noted the outlook for Canadian economy remains "cloudy" due to tariffs. The next Bank of Canada meeting is scheduled for Sept. 17. Canadian GDP data for June and average weekly earnings data for May are due to be released at 8:30 am ET.