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US Dollar Falls Early Friday Ahead of S&P Global Flash, State Unemployment

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The US dollar fell against its major trading partners early Friday ahead of the release of the S&P Global flash estimates of manufacturing and service conditions data for July at 9:45 am ET and state-level unemployment data for July at 10:00 am ET.

The St. Louis Federal Reserve is expected to update its GDP nowcast estimate for Q3 around midday.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1703 from 1.1677 at the Thursday US close and 1.1690 at the same time Thursday morning. Preliminary Eurozone manufacturing PMI rose in August while services PMI was unchanged, according to data released earlier Friday. Eurozone consumer confidence data for August are due to be released at 10:00 am ET. The next European Central Bank meeting is scheduled for Sept. 10.

GBP/USD rose to 1.3647 from 1.3629 at the Thursday US close but was below a level of 1.3651 at the same time Thursday morning. Eurozone manufacturing PMI declined in August while services PMI increased in the same month and Eurozone retail sales declined in July, according to data released earlier Friday. The next Bank of England meeting is scheduled for Sept. 17.

USD/JPY fell to 158.7361 from 159.1231 at the Thursday US close but was above a level of 158.6242 at the same time Thursday morning. Japanese manufacturing and services PMI both increase in their preliminary August readings while Japanese consumer price growth accelerated in July, data released overnight showed. The next Bank of Japan meeting is scheduled for Sept. 17 to 18.

USD/CAD fell to 1.3740 from 1.3794 at the Thursday US close and 1.3766 at the same time Thursday morning. Canadian retail sales data for June and preliminary retail sales data for July are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Sept. 2.

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US Dollar Falls Early Friday Ahead of S&P Global Flash, State Unemployment | FINWIRES