US Dollar Mixed Early Friday Ahead of Fed Officials, S&P Global Flash Estimates, Michigan Consumer Sentiment Data

07:58 AM EST, 11/21/2025 (MT Newswires) -- The US dollar was mixed -- up versus the euro and pound, down versus the yen and Canadian dollar -- against its major trading partners early Friday ahead of a busy day that begins with appearances by Federal Reserve Governors Michael Barr and Philip Jefferson at 8:30 am ET and 8:45 am ET, respectively.

New York Fed President John Williams said earlier Friday he can see room for a further interest rate reduction "in the near term."

S&P Global is due to release flash estimates of manufacturing and services conditions for November at 9:45 am ET, followed by the final University of Michigan consumer sentiment reading for November and wholesale trade data for August, both at 10:00 am ET.

The Kansas City Fed is scheduled to release its services index for November at 11:00 am ET and the St. Louis Fed and Atlanta Fed are expect to update their Q3 gross domestic product Nowcast estimates around midday.

A quick summary of foreign exchange activity heading into Friday:

EUR/USD fell to 1.1507 from 1.1526 at the Thursday US close and 1.1514 at the same time Thursday morning. The Eurozone's manufacturing purchasing managers' index declined slightly in November to show modest contraction while services PMI increased further above the breakeven point, according to preliminary data released earlier Friday. European Central Bank President Christine Lagarde said overnight that Europe must shift toward more internal demand and away from an export-driven economy. The next European Central Bank meeting is scheduled for Dec. 18.

GBP/USD fell to 1.3046 from 1.3070 at the Thursday US close and 1.3063 at the same time Thursday morning. The UK's manufacturing PMI rose in November while its services PMI declined, though both still indicate expansion. UK retail sales rose slower in October than in the previous month, according to data released earlier Friday, while core retail sales declined. Bank of England policy board member Huw Pill is due to speak at 10:40 am ET. The next Bank of England meeting is scheduled for Dec. 18.

USD/JPY fell to 156.7509 from 157.5780 at Thursday US close and 157.6738 at the same time Thursday morning. Japanese consumer price growth slowed in October from the previous month, though the year-over-year rate accelerated. Also released overnight, the Japan trade deficit narrowed in October, Japanese manufacturing PMI rose modestly in November but remained below the breakeven point and services PMI held steady to indicate modest expansion. The next Bank of Japan meeting is scheduled for Dec. 18-19.

USD/CAD fell to 1.4098 from 1.4101 at the Thursday US close but was above a level of 1.4066 at the same time Thursday morning. Canadian retail sales data for September and Canadian home price data for October are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Dec. 10.

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