Dollar is trading lower today after recent disappointing data

Here are 5 big things you need to know for today’s trading:


1. Dollar at 1-week lows

The USD was hovering near 1-week lows against the other major currencies on Friday, as investors remained cautious following the previous session’s disappointing U.S. data and as markets focused on developments in Europe.

EUR/USD rose 0.13% to 1.1166, the highest since June 19.

GBP/USD was also rising 0.36% to trade at 1.2729 after British Prime Minister Theresa May on Thursday laid out what she called a "fair deal" for EU citizens living in the U.K., saying that she did not want to split up families or for people to have to leave due to Brexit.


2. EU summit

European Union leaders are meeting in Brussels on Friday.

It's been one year since Britain voted to leave the EU, and the country's departure is at the top of the bloc's agenda.

Divorce negotiations officially kicked off on Monday. On Thursday, British Prime Minister Theresa May said that EU citizens will be given the opportunity to stay in the U.K., her first offer on a major issue that needs to be settled.

Economic growth slowed to just 0.2% in the first quarter - the weakest rate in the EU. Consumers are feeling the pinch because of rising prices and slumping wage growth. The GBP is trading at $1.27, roughly 14% lower than on the day of the referendum.


3. American Airlines – Qatar deal

American Airlines is not happy with Qatar Airways' plan to buy 10% of the company.

CEO Doug Parker sent a letter to American Airlines employees after the news hit on Thursday. He said American Airlines executives "aren't particularly excited" about Qatar's interest in acquiring a big stake in the company, but admitted that there's nothing they can do about it.

American Airlines' stock was up 1.1% on Thursday.


4. Global market overview

U.S. stock futures were edging higher early on Friday.

European markets opened mostly lower, while Asian markets ended the session mixed.

The Dow Jones industrial average and the S&P 500 both closed 0.1% down Thursday. The Nasdaq was flat.


5. Market movers and economics

Nordstrom was up in extended trading after CNBC reported that the Nordstrom family, which owns about 30% of the department store chain, is moving ahead with finding a private equity buyer for the company.

ConocoPhillips shares were also higher after analysts from Goldman Sachs said the company "transformed its business more rapidly than expected."

Bed Bath & Beyond dipped in extended hours after its earnings report fell short of analyst forecasts.

BlackBerry and Finish Line are set to release earnings before the open.

U.S. home sales data for May will be out Friday at 14:00 GMT. The stats could provide insight on what's been a tough season for house hunters, with competition and prices up in real estate markets across the country.