07:49 AM EDT, 09/18/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday, except for a decline against the euro, after the Federal Open Market Committee voted to lower its target policy rate by 25 basis points to a range of 4.00% to 4.25% Wednesday afternoon, and signaled that two more rate cuts are possible this year.

Thursday's calendar starts with weekly initial jobless claims and the Philadelphia Federal Reserve's manufacturing index for September, both at 8:30 am ET.

Leading indicators data for August is expected to be released at 10:00 am ET, followed by weekly natural gas stocks data at 10:30 am ET.

The US Treasury is due to release international capital flows data for July at 4:00 pm ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1836 from 1.1824 at the Wednesday US close and 1.1833 at the same time Wednesday morning. The Eurozone current account surplus narrowed in July while construction output rebounded in the same month, according to data released earlier Thursday. European Central Bank Vice President Luis De Guindos suggested overnight that the ECB may cut rates further at some point. The next European Central Bank meeting is scheduled for Oct. 30.

GBP/USD fell to 1.3629 from 1.3637 at the Wednesday US close and 1.3644 at the same time Wednesday morning. The Bank of England held its target rate steady earlier Thursday and reiterated its "gradual and careful approach" to monetary policy. The next Bank of England meeting is scheduled for Nov. 6.

USD/JPY rose to 147.3314 from 146.7988 at the Wednesday US close and 146.2602 at the same time Wednesday morning. Japanese core machinery orders declined more than expected in July, according to data released overnight. The Bank of Japan is expected to hold its policy rate steady when the decision is release around 10:30 pm ET Thursday evening.

USD/CAD rose to 1.3774 from 1.3773 at the Wednesday US close and 1.3752 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule. On Wednesday, the Bank of Canada lowered its policy rate by 25 basis points to 2.50%, citing a weaker labor market that shifted the balance of risks. The next Bank of Canada meeting is scheduled for Oct. 29.