07:43 AM EST, 11/15/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of a busy schedule of data releases, starting with retail sales and import price data for October and the New York Federal Reserve's Empire State index for November, all at 8:30 am ET.

Industrial production data for October are due at 9:15 am ET, followed by business inventories data for September at 10:00 am ET. Gross domestic product Nowcast data for Q4 from the Atlanta and St. Louis Fed banks are due around midday.

Fed Chairman Jerome Powell said Thursday afternoon the Federal Open Market Committee can move "carefully" when considering interest rate reductions, noting that the US economy is "not sending any signals that we need to be in a hurry to lower rates."

Boston Fed President Susan Collins is due to speak at 9:00 am ET, followed by New York Fed President John Williams at 1:15 pm ET.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD rose to 1.0577 from 1.0521 at Thursday US close and 1.0525 at the same time Thursday morning. There are no Eurozone data on Friday's schedule, but European Central Bank policy board member Philip Lane is due to speak at 10:00 am ET. The next European Central Bank meeting is scheduled for Dec. 12.

GBP/USD rose to 1.2691 from 1.2656 at the Thursday US close and 1.2659 at the same time Thursday morning. UK GDP unexpectedly declined in September and was up only modestly in Q3 from the previous quarter, according to data released overnight. UK industrial production turned lower in September while the trade deficit widened. The next Bank of England meeting is scheduled for Dec. 19.

USD/JPY fell to 155.4685 from 156.2975 at the Thursday US close and 155.9310 at the same time Thursday morning. Japanese GDP rose less than expected in Q3 than in the previous quarter while Japanese consumer sentiment declined in November, data released overnight showed. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD fell to 1.4045 from 1.4060 at the Thursday US close but was still above a level of 1.4007 at the same time Thursday morning. Canadian manufacturing sales for October and wholesale sales and motor vehicle sales for September are all due for release at 8:30 am ET. The next Bank of Canada meeting is scheduled for Dec. 11.