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US Dollar Rises Early Thursday Ahead of Busy Economic Data Schedule

BY MT Newswires | ECONOMIC | 07:45 AM EDT

07:45 AM EDT, 05/21/2026 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday ahead of a busy schedule of economic releases, starting with the Philadelphia Federal Reserve's manufacturing reading for May, weekly jobless claims, and housing starts data for April, all at 8:30 am ET.

The S&P global flash estimates of May manufacturing and services conditions are due to be released at 9:45 am ET, followed by weekly natural gas stocks at 10:30 am ET, the Kansas City Fed's manufacturing index for May at 11:00 am ET, and the latest update to the Atlanta Fed's GDP nowcast estimate for Q2 around midday.

Richmond Fed President Tom Barkin is due to speak at 12:20 pm ET.

A quick summary of foreign exchange activity heading into Thursday:

EUR/USD fell to 1.1611 from 1.1628 at the Wednesday US close but was above a level of 1.1598 at the same time Wednesday morning. Eurozone manufacturing and services PMI both declined in preliminary May estimates, according to data released earlier Thursday. Eurozone consumer confidence data for May are due to be released at 10:00 am ET, followed by speeches by European Central Bank officials Frank Elderson at 11:30 am ET and Philip Lane at 9:15 pm ET. The next European Central Bank meeting is scheduled for June 11.

GBP/USD fell to 1.3432 from 1.3439 at the Wednesday US close but was above a level of 1.3397 at the same time Wednesday morning. UK manufacturing PMI was unchanged in May while the services PMI declined and business order expectations slipped in the same month, according to data released earlier Thursday. Bank of England Governor Andrew Bailey is due to speak at 11:00 am ET. The next Bank of England meeting is scheduled for June 18.

USD/JPY rose to 159.0770 from 158.8654 at the Wednesday US close and 159.0437 at the same time Wednesday morning. Japanese manufacturing and services PMI declined in May according to preliminary data released overnight, while the Japanese trade surplus narrowed in April. The next Bank of Japan meeting is scheduled for June 15-16.

USD/CAD rose to 1.3763 from 1.3743 at the Wednesday US close and 1.3760 at the same time Wednesday morning. There are no Canadian data on Thursday's schedule. The next Bank of Canada meeting is scheduled for June 10.

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

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