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US Dollar Rises Early Thursday Ahead of Busy Economic Data Release Schedule

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The US dollar rose against its major trading partners early Thursday ahead of busy day of economic releases, starting with weekly jobless claims and producer price data for August, both at 8:30 am ET.

Existing home sales data for August and wholesale inventory data for July are due to be released at 10:00 am ET.

Weekly natural gas stocks are scheduled to be released at 10:30 am ET, followed by an update to the Atlanta Federal Reserve's GDP nowcast estimate around midday and weekly oil stocks data at 12:00 pm ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD fell to 1.1626 from 1.1629 at the Wednesday US close and 1.1633 at the same time Wednesday morning. The European Central Bank meeting is expected to raise its target rate by 25 basis points when its post-meeting statement is released at 8:15 am ET. There are no Eurozone data on Thursday's schedule, but European Central Bank President Christine Lagarde is due to speak at 10:15 am ET.

GBP/USD fell to 1.3531 from 1.3544 at the Wednesday US close and 1.3565 at the same time Wednesday morning. UK consumer sentiment improved in September, according to data released earlier Thursday. The next Bank of England meeting is scheduled for Sept. 17.

USD/JPY rose to 154.1571 from 153.6502 at the Wednesday US close and 153.3314 at the same time Wednesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Sept. 17-18.

USD/CAD rose to 1.3820 from 1.3810 at the Wednesday US close and 1.3773 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule. The next Bank of Canada meeting is scheduled for Oct. 28.

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