07:41 AM EDT, 06/13/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday before the release of weekly jobless claims and producer price data for May, both at 8:30 am ET.

Weekly natural gas stocks will be published at 10:30 am ET and New York Federal Reserve President John Williams is due to have a live discussion with Treasury Secretary Janet Yellen at 12:00 pm ET.

The Federal Open Market Committee voted Wednesday to leave the range of its federal funds target at 5.25% to 5.5%, but the updated Summary of Economic Projections showed only one rate cut is expected in 2024, compared with the three seen in the March SEP.

However, the median forecast now shows four rate cuts in 2025, compared with the previously expected three cuts, shifting some of the reduction in rates into next year.

The FOMC's statement showed a slightly more optimistic assessment of inflation reduction, but the updated SEP shows higher end-of-year readings for PCE inflation for 2024 and 2025 than in the March estimate.

Fed Chairman Jerome Powell noted the improvement in consumer price inflation in the May consumer price index report released Wednesday morning, but said further evidence is needed for the FOMC to be confident to lower rates. He noted that the current policy stance is "about right" and the FOMC is prepared to adjust its stance as needed.

A quick summary of foreign exchange activity heading into Thursday:

EUR-USD fell to 1.0795 from 1.0806 at the Wednesday US close but was up from a level of 1.0760 at the same time Wednesday morning. Eurozone industrial production fell slightly in April, pushing down the year-over-year rate. European Central Bank policy board member Isabel Schnabel is scheduled to speak at 9:30 am ET. The next European Central Bank meeting is scheduled for July 18.

GBP-USD fell to 1.2776 from 1.2798 at the Wednesday US close but was above a level of 1.2762 at the same time Wednesday morning. UK consumer sentiment rose modestly in June, data released earlier Thursday showed. The next Bank of England meeting is scheduled for June 20.

USD-JPY rose to 157.2521 from 156.8424 at the Wednesday US close but was below a level of 157.3597 at the same time Wednesday morning. The Japanese large manufacturing business conditions index improved modestly in Q2 but still indicates more pessimism than optimism, data released overnight showed. The Bank of Japan's meeting announcement is scheduled to be released at 10:30 am ET, when no change in rates is expected.

USD-CAD rose to 1.3744 from 1.3726 at the Wednesday US close and was little changed from a level of 1.3746 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule, but Bank of Canada Deputy Governor Sharon Kozicki is set to speak at 9:35 am ET, followed by Bank of Canada Governor Tiff Macklem at 1:00 pm ET. The next Bank of Canada meeting is scheduled for July 24.