US Dollar Rises Early Friday Before October Employment Data

07:38 AM EST, 11/06/2026 (MT Newswires) -- The US dollar rose against its major trading partners early Friday before the release of October employment data at 8:30 am ET. Nonfarm payrolls are expected to rise by 70,000 after a 29,000-jobs increase in September, while the unemployment rate is seen remaining at 4.2% and hourly earnings are expected to rise by 0.3% after a 0.1% gain. The preliminary estimate of the November University of Michigan consumer sentiment index is due to be released at 10:00 am ET, the St. Louis Federal GDP nowcast estimate is due to be updated around midday and consumer credit data for September are set to be released at 3:00 pm ET. St. Louis Fed President Alberto Musalem is due to speak at 9:10 am ET, followed by Fed Vice Chair for Supervision Michelle Bowman at 12:15 pm ET. A quick summary of foreign exchange activity heading into Friday: EUR/USD fell to 1.1174 from 1.1217 at the Thursday US close and 1.1222 at the same time Thursday morning. Eurozone retails sales declined in September, slowing the year-over-year rate, according to data released Friday. The next European Central Bank meeting is scheduled for Dec. 17. GBP/USD fell to 1.3401 from 1.3447 at the Thursday US close and 1.3471 at the same time Thursday morning. On Thursday, the Bank of England lifted its policy rate by 25 basis points, as expected, the first increase since August 2023. The BOE noted the need to protect against inflation risks resulting from the war in the Middle East. The next Bank of England meeting is scheduled for Dec. 17. UK home prices declined in October, pulling the year-over-year rate of decline lower, data released earlier Friday showed. USD/JPY rose to 158.3252 from 157.8022 at the Thursday US close but was below a level of 158.4602 at the same time Thursday morning. Japanese wage growth accelerated in September, according to data released overnight. Bank of Japan Governor Kazuo Ueda is due to speak at 11:00 am ET. The next Bank of Japan meeting is scheduled for December 17-18. USD/CAD rose to 1.4057 from 1.4019 at the Thursday US close and 1.3976 at the same time Thursday morning. Canadian employment data for October are due to be released at 8:30 am ET, followed by the Canada IVEY PMI survey for October at 10:00 am ET. The next Bank of Canada meeting is scheduled for Dec. 9.