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US Dollar Mixed Early Thursday Ahead of Busy Data Schedule

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The US dollar was mixed against its major trading partners early Thursday -- up versus the euro and pound, down versus the yen and Canadian dollar -- ahead of busy day of economic data releases, starting with weekly jobless claims, retail sales data for June, services conditions data for July from the New York Federal Reserve and manufacturing data for July from the Philadelphia Fed, all at 8:30 am ET.

Pending home sales data for June, May business inventories data, and home builder sentiment data for July are all due to be released at 10:00 am ET.

Weekly natural gas stocks data are due at 10:30 am ET, and the Atlanta Fed is expected to update its GDP nowcast estimate for Q2 around midday. Fed Vice Chair Philip Jefferson is scheduled to speak at 7:00 pm ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD fell to 1.1462 from 1.1464 at the Wednesday US close but was above a level of 1.1418 at the same time Wednesday morning. The Eurozone trade deficit widened in May, according to data released earlier Thursday. The next European Central Bank meeting is scheduled for July 23.

GBP/USD fell to 1.3498 from 1.3535 at the Wednesday US close but was above a level of 1.3401 at the same time Wednesday. UK GDP rose modestly in May from the previous month, lifting the year-over-year rate, according to data released earlier Thursday. The next Bank of England meeting is scheduled for July 30.

USD/JPY fell to 162.1463 from 162.2206 at the Wednesday US close and 162.3545 at the same time Wednesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.

USD/CAD fell to 1.4033 from 1.4042 at the Wednesday US close and 1.4068 at the same time Wednesday morning. The Bank of Canada maintained its policy rate at its meeting on Wednesday, as expected, but cautioned that it would not allow higher oil prices to lead to persistent inflation. The next Bank of Canada meeting is scheduled for Sept. 2. Canadian housing starts data for June are due to be released at 8:15 am ET.

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