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US Dollar Falls Early Thursday Ahead of Jobless Claims, PPI

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The US dollar fell against its major trading partners early Thursday ahead of the release of weekly jobless claims and July producer price data, both at 8:30 am ET.

Richmond Federal Reserve President Tom Barkin is due to speak at 8:40 am ET, followed by weekly natural gas stocks at 10:30 am ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD rose to 1.1537 from 1.1522 at the Wednesday US close and 1.1536 at the same time Wednesday morning. Eurozone industrial production was flat in June, but the year-over-year rate improved, according to data released earlier Thursday. The next European Central Bank meeting is scheduled for Sept. 10.

GBP/USD rose to 1.3494 from 1.3492 at the Wednesday US close but was below a level of 1.3518 at the same time Wednesday morning. UK GDP rose as expected in June, but the rate of growth for Q2 slowed from the previous quarter, according to data released overnight. Data released later in the morning showed that UK consumer sentiment improved in August. The next Bank of England meeting is scheduled for Sept. 17.

USD/JPY fell to 159.3079 from 159.5030 at the Wednesday US close but was above a level of 159.1405 at the same time Wednesday morning. Japanese producer prices rose less than expected in July, slowing the year-over-year rate, according to data released overnight. The next Bank of Japan meeting is scheduled for Sept. 17-18.

USD/CAD fell to 1.3941 from 1.3942 at the Wednesday US close but was above a level of 1.3937 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule. The next Bank of Canada meeting is scheduled for Sept. 2.

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