US Dollar Rises Early Friday Ahead of Empire Manufacturing, Industrial Production
The US dollar rose against its major trading partners early Friday ahead of the New York Federal Reserve's Empire State manufacturing reading for May at 8:30 am ET and industrial production data for April at 9:15 am ET.The St. Louis Fed is expected to update its GDP nowcast estimate for Q1 around midday.A quick summary of foreign exchange activity heading into Friday:EUR/USD fell to 1.1646 from 1.1671 at the Thursday US close and 1.1707 at the same time Thursday morning. Eurozone reserve assets declined in April, according to data released earlier Friday. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3379 from 1.3399 at the Thursday US close and 1.3515 at the same time Thursday morning. There are no UK data on Friday's schedule. The next Bank of England meeting is scheduled for June 18.USD/JPY rose to 158.4510 from 158.3673 at the Thursday US close and 157.9382 at the same time Thursday morning. Japanese producer prices and machine tool orders surged in April while Japanese consumer sentiment ticked up in May, according to data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD rose to 1.3743 from 1.3724 at the Thursday US close and 1.3718 at the same time Thursday morning. Canadian housing starts data for April are due to be released at 8:15 am ET, followed by Canadian foreign securities purchases and manufacturing sales, all for March, are scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for June 10.