US Dollar Rises Early Thursday Ahead of Busy Economic Release Schedule
The US dollar rose against its major trading partners early Thursday ahead of a busy day of economic data releases, starting with weekly jobless claims, durable goods orders, personal income and spending and the Chicago Federal Reserve's national activity index, all for May, and the final estimate of Q1 GDP, all due for release at 8:30 am ET.Fed Vice Chair for Supervision Michelle Bowman is due to speak at 8:45 am ET, followed by weekly natural gas stocks at 10:30 am ET, the Kansas City Fed's manufacturing index for June at 11:00 am ET and the Atlanta Fed's GDP nowcast estimate for Q2 around midday.New York Fed President John Williams is due to speak at 3:40 pm ET, followed by Chicago Fed President Austan Goolsbee at 6:30 pm ET.A quick summary of foreign exchange activity heading into Thursday:EUR/USD fell to 1.1344 from 1.1354 at the Wednesday US close but was above a level of 1.1341 at the same time Wednesday morning. There are no Eurozone data on Thursday's schedule. The next European Central Bank meeting is scheduled for July 23.GBP/USD fell to 1.3160 from 1.3161 at the Wednesday US close but was above a level of 1.3155 at the same time Wednesday morning. UK retail sales activity declined at a faster rate in June than in the previous month, according to data released earlier Thursday. The next Bank of England meeting is scheduled for July 30.USD/JPY rose to 161.8950 from 161.8239 at the Wednesday US close and 161.7043 at the same time Wednesday morning. The Japanese leading index rose more than expected in April, according to data released overnight. The next Bank of Japan meeting is scheduled for July 30-31.USD/CAD rose to 1.4246 from 1.4233 at the Wednesday US close and 1.4227 at the same time Wednesday morning. Canadian weekly earnings data for April are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 15.