US Dollar Falls Early Friday Ahead of Employment Report, Powell

, MT Newswires -  7:43 AM ET 4/4/2025 US Economy

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07:43 AM EDT, 04/04/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Friday, except for a gain versus the pound, before the release of the March employment report at 8:30 am ET and an appearance by Federal Reserve Chairman Jerome Powell at 11:25 am ET.

Nonfarm payrolls are expected to rise by 140,000 after a 151,000 increase in the previous month, according to a survey compiled by Bloomberg, with the unemployment rate expected to remain at 4.1% and hourly earnings seen rising by 0.3%, the same as in February.

The St. Louis Fed is expected to update its gross domestic product growth Nowcast estimate around midday and Fed Governor Michael Barr is due to speak at 12:00 pm ET, followed by Fed Governor Christopher Waller at 12:45 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.1028 from 1.1026 at the Thursday US close but was below a level of 1.1075 at the same time Thursday morning. The Eurozone's construction purchasing managers' index rose in March but still indicated contraction in the sector, according to data released overnight. The next European Central Bank meeting is scheduled for April 16-17.

GBP/USD fell to 1.3013 from 1.3081 at the Thursday US close and 1.3150 at the same time Thursday morning. UK construction PMI rose in March but remained below the breakeven point while UK passenger car registrations increased in March, according to data released earlier Friday. The next Bank of England meeting is scheduled for May 8.

USD/JPY fell to 145.0326 from 146.2660 at the Thursday US close and 146.7186 at the same time Thursday morning. Japanese household spending rebounded in February, but the year-over-year rate turned negative, according to data released overnight. The next Bank of Japan meeting is scheduled for April 30-May 1.

USD/CAD fell to 145.0326 from 146.2599 at the Thursday US close and 146.7187 at the same time Thursday morning. Canadian employment data for March are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for April 16.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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