US Dollar Falls Early Thursday Ahead of Busy Data Schedule

-- The US dollar fell against its major trading partners early Thursday ahead of a busy data of economic data releases, starting with weekly jobless claims, the first look at Q1 GDP, personal income and spending data for March and the employment cost index for Q1, all at 8:30 am ET.

The Chicago PMI for April is due to be released at 9:45 am ET, followed by weekly natural gas stocks at 10:30 am ET and initial estimate of the Atlanta Federal Reserve's GDP nowcast for Q2 around midday.

The FOMC maintained the target range for its policy rate at 3.50% to 3.75% at its meeting on Wednesday and made few changes to its statement, but there were three dissents in favor of removing the easing bias from the statement in addition to Governor Stephen Miran's dissent to lower the target range by 25 basis points.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1702 from 1.1676 at the Wednesday US close but was below a level of 1.1708 at the same time Wednesday morning. Eurozone consumer price rose at a slower pace in April than in the previous month, but the year-over-year rate accelerated, while Eurozone GDP growth slowed in Q1 compared with the previous quarter and the Eurozone unemployment rate declined in March, according to data released overnight. The next European Central Bank meeting announcement is scheduled to be released at 8:15 am ET, when no change in the target rate is expected.

GBP/USD rose to 1.3514 from 1.3477 at the Wednesday US close and 1.3508 at the same time Wednesday morning. The Bank of England maintained its current target rate its meeting announcement Thursday morning on an 8-1 vote and cited concerns that inflation will be lifted by global uncertainty. The next Bank of England meeting is scheduled for June 18. There are no UK data on Thursday's schedule.

USD/JPY plunged to 156.51 overnight from 160.3923 at the Wednesday US close and 159.8116 at the same time Wednesday morning on suggestions that Japan may intervene in currency markets to support the yen. Japanese industrial production declined in March while Japanese retail sales rebounded in March after a decline in the previous month and Japanese household confidence declined in April, according to data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.

USD/CAD fell to 1.3663 from 1.3682 at the Wednesday US close and 1.3680 at the same time Wednesday morning. The Bank of Canada held its target rate steady in its meeting announcement on Wednesday, citing uncertainty due to geopolitical tensions. The next Bank of Canada meeting is scheduled for June 10. Canada GDP data for February and March are due to be released at 8:30 am ET.

Cantor Fitzgerald Adjusts Price Target on eBay to $110 From $100

eBay (EBAY) has an average rating of hold and mean price target of $105.25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $97.97, Change: $-5.82, Percent Change: -5.61%

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Canada's Economy Remains on "Shaky Grounds" Based On GDP, While Payroll Data "Paint An Even More Fragile Picture", Says Desjardins

Today's GDP data showed Canada's economy remained on "shaky ground" through the first quarter of 2026, while today's payroll data "paint an even more fragile picture" of the economy, said Royce Mendes over at Desjardins.While Canadian gross domestic product advanced 0.2% month over month in February, in line with consensus, growth tailed off in March, while Statistics Canada's flash estimate points to a flat reading for the final month of Q1. Both the Desjardins quarterly estimate for GDP by expenditure and GDP by industry are tracking an annualized advance of roughly 1.5%, which is consistent with the Bank of Canada's most recent projection, Mendes noted.Given the weak handoff, Desjardins agrees with the central bank's forecast for another quarter of roughly 1.5% growth in Q2, he said.The Survey of Employment, Payrolls and Hours Payroll (SEPH) data, also released Thursday, showed the economy shed 60,000 jobs in February, more than reversing the increase of 44,000 positions in January.Weakness was relatively broad-based across categories, with losses seen in both trade-exposed and non-trade-exposed sectors. In the past few months, Ontario and Quebec have led the way lower, Mendes noted."The GDP and payroll data released today are consistent with an economy unlikely to produce excess inflationary pressures," Mendes said, before adding: "Should oil prices decline in the coming months, the Bank of Canada can remain on the sidelines, confident that the temporary effects of higher oil prices will not generate a sustained period of high inflation."

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Hubbell Q1 Adjusted Earnings, Net Sales Increase

Hubbell (HUBB) reported Q1 adjusted earnings Thursday of $3.93 per diluted share, up from $3.38 a year earlier.Analysts surveyed by FactSet expected $3.87.Net sales for the quarter ended March 31 were $1.52 billion, up from $1.37 billion a year earlier.Analysts surveyed by FactSet expected $1.50 billion.For 2026, the company said it expects adjusted EPS of $19.30 to $19.85. Analysts polled by FactSet expect $19.71.Shares of the company fell 7% in recent premarket activity.Price: $507.60, Change: $-38.33, Percent Change: -7.02%

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