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US Dollar Mixed Early Friday Ahead of July Employment Data

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The US dollar was mixed against its major trading partners early Friday -- up versus the pound and Canadian dollar, down versus the euro and yen -- before the release of July employment data at 8:30 am ET.

Nonfarm payrolls are expected to rise by 80,000 in July after an increase of 57,000 in June, while the unemployment rate is forecast to remain at 4.2% in the previous month and hourly earnings are seen rising by 0.3%.

Richmond Federal Reserve President Tom Barkin is scheduled to speak at 10:00 am ET, followed by the New York Fed's inflation expectations report for July.

The St. Louis Fed is expected to update its GDP nowcast estimate around midday, and consumer credit usage data is due to be released at 3:00 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1528 from 1.1523 at the Thursday US close but was below a level of 1.1549 at the same time Thursday morning. There are no Eurozone data on Friday's schedule. The next European Central Bank meeting is scheduled for Sept. 10.

GBP/USD fell to 1.3444 from 1.3455 at the Thursday US close and 1.3465 at the same time Thursday morning. UK home prices were flat in July, slowing the year-over-year rate, while the mortgage rate held steady, according to data released earlier Friday. The next Bank of England meeting is scheduled for Sept. 17.

USD/JPY fell to 158.3612 from 158.4156 at the Thursday US close but was above a level of 157.9225 at the same time Thursday morning. Japanese household spending declined in June while the Japanese leading index held steady in the same month, according to data released overnight. The next Bank of Japan meeting is scheduled for Sept. 17-18.

USD/CAD rose to 1.4018 from 1.4016 at the Thursday US close and 1.3996 at the same time Thursday morning. Canadian employment data for July is due to be released at 8:30 am ET, followed by the Canada IVEY report at 10:00 am ET. The next Bank of Canada meeting is scheduled for Sept. 2.

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